Dubai falls to 20-wk low as govt shields assets

Dubai's index slumped to a 20-week low Monday after the emirate's government said it would not sell assets to meet the multi-billion dollar obligations of state-owned Dubai World.

The move to ring-fence Dubai's assets sent the index tumbling 5.8 per cent to its lowest close since July 22. Dubai's woes also shaped trading on regional markets, with the Saudi index slipping to a four-week low as banks declined. Banks lifted Oman's index to a higher close after the country's central bank said Omani lenders did not need to take provisions to cover $77 million combined exposure to Dubai World.