UAE Stocks Plunge on Dubai Fears; Asia Rebounds

Stock markets plummeted in the United Arab Emirates today, in response to Dubai’s credit woes. The Abu Dhabi Stock Exchange lost more than 8% in heavy trading, while the Dubai Financial Market, a currency exchange, lost 7%. Stocks heavily linked to Dubai did especially poorly; ports operator DP World fell 15%. It’s the first time Gulf markets have been open since Dubai’s bombshell request for a six-month extension on its debt; they’d been closed for the Muslim Eid al-Adha holiday.

Asian markets rebounded today, as investors saw signs that Western markets weren't destabilized by the Dubai crisis; more cautious European markets were still off.
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