Ireland's deficit-cutting plan was good news for UAE bourses yesterday.
Shares rise as news on Ireland is felt globally
UAE bourses closed higher yesterday as Ireland's deficit-cutting plan lifted global markets.
The Dubai Financial Market (DFM) General Index rose 0.5 per cent to 1,682.23 points and the Abu Dhabi Securities Exchange (ADX) General Index increased 0.04 per cent to 2,756.89 points.
Talks on a bailout for Ireland helped boost investor sentiment. On the DFM, Emaar Properties rose 0.83 per cent to Dh3.65, Deyaar Development advanced 0.3 per cent to Dh0.30 and Dubai Islamic Bank inched 0.46 per cent higher to Dh2.20.
In Abu Dhabi, First Gulf Bank was the top gainer in early trading, rising 2.6 per cent. It closed a net 1.1 per cent higher at Dh17.70.
But shares in Abu Dhabi Commercial Bank (ADCB) fell 0.43 per cent to Dh2.33 as the bank said it had sued Credit Suisse Group and Standard & Poor's in New York. ADCB alleges it was misled in a 2007 investment that went bad.
Property stocks, seen as heavyweights on the UAE market, were mixed. Aldar Properties, the most actively traded stock on the ADX, rose 1.45 per cent to Dh2.24, and Sorouh Real Estate rose 0.64 per cent to Dh1.64.
"It's still like a holiday [on the market]," said Ameed Kanaan, the general manager at Al Jazira Financial Services, noting volumes were low. "There are clear problems in the region. The trust is missing and there is no cash passing between investors."
In the wider region, Qatar rose by 0.4 per cent to 8,178.77, Oman increased 0.2 per cent to 6,550.85 and Bahrain inched up 0.1 per cent to 1,438.51. Kuwait fell 0.1 per cent to 6,928.00. The Saudi Tadawul All-Share Index was closed.