Business News
Dubai, Abu Dhabi markets up for second straight day (Roundup)
Dec 13, 2009, 13:24 GMT
Dubai - Dubai Financial Market gained 3.33 per cent Sunday while neighbouring Abu Dhabi's general index was higher by 4.46 per cent, as both posted advances for the second straight day of trading.
Other Gulf indices were also in the green, with Qatar's market higher by 0.98 per cent, while in Saudi Arabia the all-share Tadawul ended almost exactly where it started, up 0.01 per cent.
A 3.52 billion dollar Islamic bond, or sukuk, issued by the troubled Dubai World's Nakheel will come due on Monday, and the company has reportedly met with its creditors in an attempt to restructure its liabilities and reach a deal.
After sliding to an almost nine-month low, Dubai rallied on Thursday at 7 per cent, to help push the market to its high since the debt crisis was announced on November 25.
Financial analysts have said, however, they expect markets to remain volatile at least until the details of a restructuring plan emerge.
So far, Dubai World and its creditors have refused to comment on their meetings.
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