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Dubai debts rattle Asian investors
Jordan News.Net
Friday 27th November, 2009
Stocks in Asia dived on Friday as fall-out from concerns over Dubai's debt lingered.
The extent of debt to the beleagured emirate is measured at $80 billion, of which $59 billion is becoming due over the next few months. Normally the problems facing Dubai would not be sufficient to move Asian markets, however these are uncertain times and fear of the unkown extends well beyong Dubai but to the four corners of the world where many countries, corporations, and banks are under pressure to repay loans becoming due. The Dubai debt may well be the tip of an iceberg.
In South Korea, the Seoul Composite shed 4.69%. Hong Kong's Hang Seng was down 4.84%.
China's Shanghai Composite was off 2.36% while the Australian All Ordinaries fell 2.36%.
India's BSE 30 was down 1.32%. The Singapore Straits Times fell 1.10%.
In Tokyo the Nikkei 225 dived 3.22% as the Japanese yen soared, putting pressure on export-related stocks. The Japanese foreign minitsry issued a statement late Friday saying the yen rate was not commensurate with the fundamentals, and that intervention may be required.  Email this story to a friend
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