Asia, Europe unaffected as Dubai, Abu Dhabi markets fall sharply

30 November 2009 11:40  [Source: ICIS news]

Empty apartment blocks in DubaiLONDON (ICIS news)--Dubai and Abu Dhabi’s main stock markets closed down sharply on Monday amid debt fears but there was little impact on markets across Asia and Europe.

Abu Dhabi stock market fell 8.3% - a one-day record – while Dubai’s Financial Market Index lost 7.3% on the back of an announcement last week that state-owned Dubai World had asked to delay interest payments.

Monday was the first time the markets were open since the announcement, due to the four-day religious holiday for Eid al-Adha.

However, European markets were trading only slightly lower and the Asian markets closed up.

At 10:48 GMT the FTSE 100 was down 0.96%, the Dax had fallen 1.14% and the Nasdaq 1.73%. In Asia, Japan’s Nikkei closed up 2.91% and Hong Kong’s Hang Seng closed up 3.25%.

The Dow Jones Stoxx Chemicals index was trading down just 0.38% at 10.45 GMT.

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By: Lucy Craymer
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