Dubai Stock Market Lurches To Its Lowest Close In 7 Years

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		Tech Entertainment Wall Street Markets Strategy Sports Lifestyle Politics Europe Video Latest Tuesday, November 22, 2011 Dubai Stock Market Lurches To Its Lowest Close In 7 Years The Dubai Financial Market General Index fell to its lowest value since 2004, almost exactly two years after the emirate sparked default fears by suggesting that it could delay debt payments. The index closed down 0.30% to 1351.09, off lows of the day but still affording the day a 7-year record according to Bloomberg. Losses were led by shares of Emaar Properties and Dubai Islamic Bank, which fell 0.79% and 0.70%, respectively. Two years ago, the emirate's government threatened the worst default since Argentina in 2001 when state-run investment company Dubai World requested a postponement on repayments of billions of dollars in debt. The company ultimately decided to restructure $25 billion of its debt burden. Analysts are blaming European uncertainty for the emirate's falling shares. The cost of insuring Dubai's debt slipped to lows earlier this year, but investment has deteriorated as investors move their money out of emerging markets in an uncertain global economy. Read » Also On Money Game Today: GROUPON SHARES ARE COLLAPSING Precious Metals Rally, Gold Tops $1700 Again Albert Edwards Has A Killer Conspiracy Theory About The Housing Bubble Merck To Pay Nearly $1 Billion To Settle Vioxx Probe Advertisement CHART OF THE DAY: Global Investors Reach A Historic Level Of Pessimism CHART OF THE DAY: Why The Next Jobs Report Could Be A Real Monster CHART OF THE DAY: Goldman Reveals What You're Getting For Christmas Share this: Facebook Twitter Digg Reddit StumbleUpon LinkedIn The email address for your subscription is: dwyld.kwu.wyldside@blogger.com Change Your Email Address | Unsubscribe | Subscribe | Subscribe to the Money Game RSS Feed Business Insider. 257 Park Avenue South, New York, NY 10010 Terms of Service | Privacy Policy

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