| Kippreport.com

DFM Index records biggest drop in global markets

December 23, 2009 4:09 by kippreport

The Dubai Financial Market General Index fell 3.8 percent to 1,735.7, the biggest drop seen in global markets on Wednesday, reports Bloomberg. The drop is also the DFM’s biggest in two weeks, as investors wait for government-owned conglomerate Dubai World’s restructuring proposal.

“Investors are waiting” for Dubai World news, said Hesham Bakry, Dubai-based institutional sales manager at Al-Futtaim HC Securities Co. “The Dubai situation is very sensitive.”

The benchmark fell 17 percent since the conglomerate announced on November 25 that it may request a six-month debt standstill on $22 billion.

Tags: debt, DFM, Dubai, Dubai Financial Market, Dubai World, standstill