x Abu Dhabi, UAEThursday 18 January 2018

Asia and Italian hopes cheer UAE markets

Markets Update: Local shares rise at the open on speculation that China buy Italian debt. with video.

Local equities rose today, taking support from a rise in Asian stocks and reports that Italy could get financial support from China.

Arabtec Holding, Dubai's biggest contractor, gained 1.5 per cent to Dh1.35 a share. Emaar Properties, the region's largest developer, added 0.3 per cent to Dh2.80. Takaful Emarat Insurance added 2 per cent to 73 fils a share.

Dubai's benchmark, the Dubai Financial Market General Index, rose for the first time this week. The index added 0.6 per cent to 1469.72 points at 11am. In the capital, the Abu Dhabi Securities Exchange General Index was up 0.2 per cent to 2588.63 points.

Italy has asked China to buy Italian debt as the euro zone's third largest economy struggles to convince markets it can manage its debt load, according to media reports. Japan's Nikkei 225 Stock Average gained 0.4 per cent, while Australia's S&P/ASX 200 Index advanced 0.8 perc ent.

Elsewhere in the region, Kuwait's measure added 0.2 per cent to 5992.90 points. Bahrain's index added 0.2 per cent to 1268.37 points. Oman's index was little changed at 5679.08 points. Qatar's benchmark added 0.4 per cent to 8327.74 points. The Saudi Tadawul All-Share Index was down 1.6 per cent to 6037.25 points.