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Wednesday 24 March 2010
Dubai Shares Retreat on Concerns About Dubai World Debt Terms
Dubai shares fell for a second day this week as investors trimmed holdings as Dubai World prepared to discuss a proposal to restructure $26 billion of debt.
The Dubai Financial Market PJSC, the only Gulf Arab stock market to sell its shares to the public, and Emaar Properties PJSC dropped to the lowest in almost a week. Emaar, the builder of the world’s tallest skyscraper, declined after it said it won’t pay a dividend. The DFM General Index fell 0.4 percent to 1,769.01. The gauge has gained 11 percent this month in anticipation the Dubai World proposal will appease investors.
“It is a period of watching and taking precaution,” said Ziad Dabbas, an analyst at National Bank of Abu Dhabi. Market performance has improved “as a result of leaked information,” he said.
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