The main Dubai Financial Market index fell 4.7%, after closing down almost 6% on Monday.
Two weeks ago, Dubai World asked for a six-month delay on debt repayments. Credit agencies have since downgraded many leading Dubai companies.
The Dubai index has now fallen by more than 20% since the extension request.
One of Dubai World's first major repayments to bondholders in its property firm Nakheel is due next week.
"Until there is some clarity in debt restructure, there won't be any serious buyers [of shares]," said Julian Bruce at EFG Hermes Holding in Dubai.
"The closer we get to the Nakheel deadline with no news, the worse it will be."
Dubai World has some valuable assets, notably its ports business, which includes London's Tilbury Docks and France's Le Havre.
Other items in its wide-ranging investment portfolio include the luxury retailer Barney's of New York, a list of high-end US hotels, and the Canadian acrobatic circus franchise, Cirque du Soleil.
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