Steep fall comes as trading resumes in UAE following extended holiday
DUBAI, United Arab Emirates - Dubai's main stock exchange dropped more than 7 percent and Abu Dhabi markets slid more than 8 percent on the first day of trading in the United Arab Emirates since officials went public that conglomerate Dubai World was struggling with its $60 billion in debts.
Shares of DP World, a profitable port operating division of the debt-ridden Dubai World, were off nearly 15 percent in early trading Monday when the market opened. The overwhelming majority of companies whose shares traded Monday on the Dubai Financial Market, the city-state's main bourse, were also deeply in the red.
"The sentiment is gone from investors' perspective," said Mohammed al-Ghussein, managing partner of Atlas Financial Services in Dubai. But "we expected that since we heard the news last week."
Shares of DP World, a profitable port operating division of the debt-ridden Dubai World, were off nearly 15 percent in early trading Monday when the market opened. The overwhelming majority of companies whose shares traded Monday on the Dubai Financial Market, the city-state's main bourse, were also deeply in the red.
"The sentiment is gone from investors' perspective," said Mohammed al-Ghussein, managing partner of Atlas Financial Services in Dubai. But "we expected that since we heard the news last week."
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