x Abu Dhabi, UAETuesday 16 January 2018

Ireland's €85 billion bailout buoys UAE bourses

Ireland's €85 billion aid package put a smile back on UAE bourses this morning as markets opened in a more positive mood than yesterday's lows

UAE bourses rebounded from yesterday's lows after Ireland's €85 billion (Dh413.4bn) aid package agreement buoyed international markets.

The Dubai Financial Market (DFM) General Index opened 0.2 per cent higher to 1,662.22 points and the Abu Dhabi Securities Exchange General Index rose 0.01 per cent to 2,749.92 points.

Property stocks led the gain as Emaar Properties and Arabtec rose 0.02 per cent higher to Dh3.62 and Dh2.82 respectively.

Methaq was the only gainer at the open as it rose 0.02 per cent to Dh2.63.

But Abu Dhabi's biggest bank, National Bank of Abu Dhabi lost 0.1 per cent to Dh12.3, reversing a rise in its share price yesterday.

Asian stocks led the momentum among international markets as the Nikkei climbed 0.8 per cent to 10,125.99 and China's Hang Seng Index increased 0.06 per cent to 22,890.35.

The Dollar traded at a near two-month high against the euro as it reached $1.31.

Prices are up almost six per cent since the Fed announced a second round of quantitative easing to ease inflation and unemployment. Appeal for riskier assets has dampened amid tensions on the Korea Peninsula and China's monetary tightening policy.

It put pressure on spot gold, which declined for a second day to $1,353.30 an ounce and silver dropped 1.10 per cent to $26.8 an ounce.

Crude oil for January delivery climbed 0.7 per cent to $84.32 a barrel on the New York Mercantile Exchange.