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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Dubai debt questions unanswered, UAE takes new break AFP - Thursday, December 3 Send IM Story Print Dubai debt questions unanswered, UAE takes new break Slideshow: Full Photo Coverage: Business & Economy KUWAIT CITY (AFP) - – Gulf stock markets steadied on Wednesday after heavy losses in the previous two days, with investors hesitant to trade pending further information on Dubai's plans to sort out its debt crisis. Dubai and Abu Dhabi markets were closed again for a three-day break after plunging 12.5 and 11.5 percent respectively in just two days of deals since state-owned Dubai World asked to halt payments on its 59 billion dollars debt. The conglomerate this week said it wants to talk to holders of 26 billion dollars of its debt and may sell some of its assets around the world. But Moody's Investors Service said it is not convinced that selling some of Dubai World's businesses will help solve the debt problem. "Given our expectations that financing conditions will remain durably hostile for Dubai, a question will be whether asset disposals overseas can realistically help mitigate financing difficulties," Pierre Cailleteau, managing director of Moody's sovereign risk group, said in a study released late on Tuesday. The Kuwait Stock Exchange, which plunged 2.7 percent on Tuesday, fluctuated sharply at the opening on Wednesday and then dived below the 6,700-point mark amid a wave of profit-taking sales. It closed at 6,650.80 points, down 1.4 percent to a nine-month low. Only insurance firms were higher on the KSE, the second largest Arab bourse after Saudi Arabia, while the remaining seven sectors dropped, including the leading banking sector which lost 0.75 percent. Investment firms were down 2.3 percent. The drop in the Kuwaiti market came despite assurances of support by the government and the central bank and after dozens of listed firms said in statements they were not exposed to Dubai debt. Qatar's Doha Securities Market added more than 350 points to close 5.3 percent higher, regaining most of the losses it sustained on the previous day when it plunged 8.3 percent. The DSM index still closed below the 7,000-point psychological barrier at 6,949.19 points. However, it surpassed the end-2008 close of 6,886.12 points. All four sectors made gains, led by banks after several lenders said they were not exposed to the Dubai debt crisis. The tiny Bahrain Stock Exchange, which reopened on Wednesday after a six-day holiday, eased just 0.12 percent amid quiet trading. Kuwait and Bahrain markets are the only Gulf bourses to be trading below their 2008 close. The stock markets of Saudi Arabia and Oman are still on holiday, while the bourses of Dubai and Abu Dhabi are closed for the national day and will not reopen until Sunday. Cailleteau said Moody's "will closely monitor the repercussions in the countries and sectors where asset sales take place, and also whether these would weaken the otherwise robust Dubai GRIs (government-related issuers) that would be stripped of their assets." Moody's, which estimates Dubai's overall debt at 100 billion dollars, only has ratings on DP World and Jebel Ali Free Zone among Dubai World's operations. But Cailleteau said: "The Dubai World episode is a very significant local event that affects the premises that underlie our assumptions regarding public support for corporate GRIs. "While we do not rate Dubai World or (property unit) Nakheel, we have adjusted our support assumptions based on the uncertain nature of policy formulation in Dubai and the difficulty in interpreting the local authorities pronouncements." 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