UAE markets continue to plummet
The stock markets in the UAE dropped for a second day on Tuesday after the Dubai government said it is not guaranteeing debt-ridden Dubai World, which unveiled a major restructuring plan. The Dubai bourse lost 5.6 percent, completing a total decline of 12.5 percent since local markets reopened on Monday, while the index in Abu Dhabi fell by another 3.5 percent for an 11.6-percent decline in just two days of trade.
Dubai's leading real estate sector declined by 9.2 percent, while the finance and investments sector shed 7.5 percent of its value, AFP reported. Market leader Emaar crashed by 9.9 percent and Dubai Islamic bank lost 8.6 percent of its value.
Abu Dhabi's real estate sector plummeted 9.8 percent, while the banking sector lost 5.6 percent.