UAE Stocks Plunge on Dubai Fears; Asia Rebounds

Abu Dhabi exchange drops more than 8%
By Kevin Spak,  Newser Staff
Posted Nov 30, 2009 6:36 AM CST
UAE Stocks Plunge on Dubai Fears; Asia Rebounds
An Emarati man follows the latest stock changes at the Dubai Financial Market in Dubai, United Arab Emirates, Monday, Nov. 30, 2009.   (AP Photo/Kamran Jebreili)

(Newser) – Stock markets plummeted in the United Arab Emirates today, in response to Dubai’s credit woes. The Abu Dhabi Stock Exchange lost more than 8% in heavy trading, while the Dubai Financial Market, a currency exchange, lost 7%. Stocks heavily linked to Dubai did especially poorly; ports operator DP World fell 15%. It’s the first time Gulf markets have been open since Dubai’s bombshell request for a six-month extension on its debt; they’d been closed for the Muslim Eid al-Adha holiday.

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Asian markets rebounded today, as investors saw signs that Western markets weren't destabilized by the Dubai crisis; more cautious European markets were still off.
(Read more Dubai stories.)

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