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written by indianachu
at Monday, November 30, 2009
Dubai's stock exchange suffered sharp falls on the first day of trading since last week's revelations over its debt crisis.
The city's main stock exchange tumbled more than 7% and Abu Dhabi markets slid 8% in reaction to a request by state-backed investment firm Dubai World to delay payments on its 60 billion dollar (£36.8 billion) debts.
News of the city's woes sent ripples of fear across world markets on Thursday as investors worried about a new credit crisis.
In an effort to ease concerns, the United Arab Emirates' central bank has vowed to give emergency support for any foreign or local bank facing losses from a potential default in Dubai.
Trading in the region, which resumed on Monday following the Islamic holiday of Eid, saw shares of DP World - the port operating division of Dubai World - slump nearly 15% after markets opened.
In London the FTSE 100 Index was down around 0.4%, as the crisis continued to weigh on banking stocks.
But this followed rises on Asian markets overnight, suggesting some markets are feeling more optimistic after last week's hefty falls.
London shares tumbled 3% on Thursday, wiping almost £44 billion off the Footsie in its worst session since March, although shares clawed back some of the losses on Friday.
In early trading Royal Bank of Scotland and Lloyds Banking Group were the market's chief fallers, both down almost 3%.
Other fallers included London Stock Exchange itself, which is 22% owned by Borse Dubai. Its shares fell more than 1%.
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