Dubai's Union Properties shares sag on liquidity fears

Shares in Dubai's Union Properties tumbled for a second trading session on Monday as investors fretted over the developer's liquidity position amid fears it will go for a debt to equity swap, diluting holdings.

Union Properties was down 9.6 percent at 0.94 dirhams on the Dubai Financial Market, taking its losses to 18.3 percent since Thursday when it reported a second-quarter loss of $62 million. Stocks on the Dubai index <.DFMGI> have a 10-percent daily limit on declines.