UAE markets extend losses; Kuwait declines
Dubai, December 1, 2009
Dubai's index fell 6.1 percent in early trading, extending losses for a second consecutive day as investors continued to sell, despite the latest statement from Dubai World which seeks to clarify the conglomerate's debt restructuring.
Construction firm Arabtec slumped 10 percent and bellwether Emaar Properties also declined by the same percentage.
The index retreated to 1,822 points.
A similar picture unravelled in Abu Dhabi where the index retreated 6 percent to 2,506 points, as selling pressure continued to weigh on the benchmark following Dubai's restructuring announcement.
Financial stocks got a battering on Kuwait's index on the first trading day since Dubai's debt restructuring anouncement.
On Monday, the central bank told the state news agency that two banks have exposure of around $118 million to Dubai World, and its subsidiary Nakheel.
Gulf Bank fell 8.5 percent and National Bank of Kuwait slumped 7.3 percent. The index retreated 2.2 percent to 6,784 points. - Reuters