by Omar Hasan KUWAIT CITY, Oct 12, 2008 (AFP) - Stock markets across the Middle East traded sharply down Sunday amid fresh concerns about the global financial crisis, as the United Arab Emirates said it would guarantee deposits in local banks in a bid to halt the slide. The UAE government also said it would ensure that no local bank would be exposed to credit risks and would guarantee inter-bank lending operations among all banks operating in the oil-rich Gulf country. But the latest measure, coupled with interest rate cuts announced last week, failed to lift investor sentiment and shares in the UAE, as well as the rest of the region, slumped sharply. The Dubai Financial Market Index slipped 5.4 percent to 3,025.08 points, slightly recovering from early losses that sent the index below the 3,000 mark. It has dipped 26.7...
[read full story]
Your Web Site
