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Creditor and Investor Confusion
DUBAI, December 2009 Tuesday
Dubai World drama continues, The stock market in the United Arab Emirates slumped in two consecutive days after the government will not guarantee the debts of Dubai World that amounted to 60 billion U.S. dolloar.
Before, Emirates Central Bank said it would support the banks, both domestic and abroad who have exposure in the Dubai World. Dubai World also changed the way its debt payments.
At the trade center in Dubai's index dropped 6:41 points, while the Abu Dhabi stock exchange fell 5 percent. The two major exchanges in the Gulf region had been down more than 13 percent since reopened on holiday.
Middle east Stock closed on Wednesday until Saturday last week along with the holiday Eid al-Adha. Investors were surprised by the statement of the Minister of Finance that the government never guarantee the debts of Dubai World.
In addition, the Dubai World at midnight local time also issued a new statement of changes in the way of payment of the debts of 26 billion U.S. dollars and restructure subsidiaries have debt.
The influence of delays in payment of debt claims Dubai World not only affect the shares of the financial sector such as banking, but also the real estate sector. Real estate sector in Dubai declined to 9.4 percent on Tuesday last, almost reaching tertinngi reduction, namely 10 percent. Investment sector fell 8.3 percent. Giant developer Emaar shares fell 9.9 percent and Dubai Islamic shares fell 9.8 percent. (AP / REUTERS / JOE).
Dubai World to more worries subside
Jakarta, Wednesday, December 2, 2009
Price index of domestic stocks bounce back significantly.
Eased fears of global financial market participants to the impact of delayed payments on bonds that publish Dubai World to be one driving force, in addition to the announcement of deflation in November 2009.
In the stock trading at the Indonesia Stock Exchange, Tuesday (1 / 12) Composite Stock Price Index closed down 36.66 points or gained 1.51 percent to 2452 levels. LQ45 index rose 8.5 points, or 1.79 percent, to 484 and Kompas 100 Index gained 1.67 points, or 9.8 percent, to 597.
In early trading, the three major stock indexes this JSE had corrected within a thin range. However, the strengthening of regional stock index at the end give a positive sentiment that investors buy back action. The rupiah exchange rate had weakened in morning trading before reversing direction and close higher by 10 points to $ 9465.
Dubai World is known as a property company owned by Dubai's government is currently developing several projects, such as the Burj of Dubai and the Palm Jumeriah, last week, announced the postponement of payment of bonds with maturity of about 56 billion U.S. dollars, or around Rp 532 trillion.
DUBAI, December 2009 Tuesday
Dubai World drama continues, The stock market in the United Arab Emirates slumped in two consecutive days after the government will not guarantee the debts of Dubai World that amounted to 60 billion U.S. dolloar.
Before, Emirates Central Bank said it would support the banks, both domestic and abroad who have exposure in the Dubai World. Dubai World also changed the way its debt payments.
At the trade center in Dubai's index dropped 6:41 points, while the Abu Dhabi stock exchange fell 5 percent. The two major exchanges in the Gulf region had been down more than 13 percent since reopened on holiday.
Middle east Stock closed on Wednesday until Saturday last week along with the holiday Eid al-Adha. Investors were surprised by the statement of the Minister of Finance that the government never guarantee the debts of Dubai World.
In addition, the Dubai World at midnight local time also issued a new statement of changes in the way of payment of the debts of 26 billion U.S. dollars and restructure subsidiaries have debt.
The influence of delays in payment of debt claims Dubai World not only affect the shares of the financial sector such as banking, but also the real estate sector. Real estate sector in Dubai declined to 9.4 percent on Tuesday last, almost reaching tertinngi reduction, namely 10 percent. Investment sector fell 8.3 percent. Giant developer Emaar shares fell 9.9 percent and Dubai Islamic shares fell 9.8 percent. (AP / REUTERS / JOE).
Dubai World to more worries subside
Jakarta, Wednesday, December 2, 2009
Price index of domestic stocks bounce back significantly.
Eased fears of global financial market participants to the impact of delayed payments on bonds that publish Dubai World to be one driving force, in addition to the announcement of deflation in November 2009.
In the stock trading at the Indonesia Stock Exchange, Tuesday (1 / 12) Composite Stock Price Index closed down 36.66 points or gained 1.51 percent to 2452 levels. LQ45 index rose 8.5 points, or 1.79 percent, to 484 and Kompas 100 Index gained 1.67 points, or 9.8 percent, to 597.
In early trading, the three major stock indexes this JSE had corrected within a thin range. However, the strengthening of regional stock index at the end give a positive sentiment that investors buy back action. The rupiah exchange rate had weakened in morning trading before reversing direction and close higher by 10 points to $ 9465.
Dubai World is known as a property company owned by Dubai's government is currently developing several projects, such as the Burj of Dubai and the Palm Jumeriah, last week, announced the postponement of payment of bonds with maturity of about 56 billion U.S. dollars, or around Rp 532 trillion.
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