Envoys in Brussels, Canberra, Lisbon, New Delhi and the permanent mission to the United Nations in New York ordered to return immediately to Dhaka
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HSBC gained 3.9 per cent and Standard Chartered rose 5.3 per cent by 0315 GMT. The benchmark Hang Seng index was up 3.4 per cent.
“The market over-reacted on Friday,” said Phillips Securities anaylst Rock Lam. “Over the weekend, UAE has showed support to Dubai’s debt issue so the market is quieting down and shares are rebounding.”
“Although Dubai World is extending its repayment period, it will not pose an impact on banks’ earnings,” he said.
On Friday, shares of the banks fell around 7 per cent as investors fretted that exposure to Dubai and its credit problems could further squeeze profits. Bank of America-Merrill Lynch upgraded HSBC to ‘buy’ on Monday, in a note titled “Time to go with strength,” brushing off fears of Dubai exposure.
“With less than 2 per cent of loans in UAE, HSBC is well placed to deal with the potential fallout from recent developments in Dubai,” analyst Alistair Scarff wrote.
HSBC said in August its loan exposure to the United Arab Emirates, which Dubai is a part of, was $15.9 billion, down from $17.5 billion at 2008-end.
Standard Chartered’s loan exposure to the UAE was $7.7 billion, according to the Emirates Banks Association.
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