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Emirates leading propertydeveloper, Nakheel today asked for suspension in trading ofall its (Sukuks) Islamic bonds as Dubai's and its neighbouringAbu Dhabi stock exchange went into a free fall dropping morethan seven per cent on opening.
As the trading opened for the first day after long Eidbreak, shares in the debt ridden Dubai World conglomerate, ofwhich Nakheel forms a part dropped more than 15 per cent.
Even other construction and finance companies in Dubaiand other parts of the Emirates plunged by the maximum limitof 10 per cent as the stock market crashed by 7.9 per cent.
But contrary to trends in the Gulf, Asian sharesrebounded in morning trading after heavy sell-off in globalequities last week. The shares recovered on early reports thatUAE Central Bank had moved to bolster its banking sector tocalm fears over Dubai's debt problems.
The Dubai market was trading at 1,942.62 pointsdropping nearly 150.54 points from Wednesday close while AbuDhabi also reacted negatively dropping 8.09 per cent to2,674.79 points in morning trading.
The drop mirror turmoil on the world market afterDubai government announced that it would seek six months delayin repaying debts running to a whopping USD 60 billion.
In what was widely expected, Dubai's master developerNakheel has asked for a suspension in trading of all itsIslamic bonds, the Nasdaq Dubai bourse said today.