Top Biz News
HK stocks close 4.84% lower on Dubai woes
(Xinhua)
Updated: 2009-11-27 17:22
Hong Kong stocks dived 1,075.91 points, or 4.84 percent to close at 21,134.5 on Friday amid sell- off triggered by the Dubai debt concerns.
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Dubai said on Wednesday it would ask creditors of state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step towards restructuring.
Market observers said if the city state should turn out not being unable to pay the debt, many world leading banks will suffer great loss.
