UAE bourses smile on Irish debt plan

The markets started their last day of the week in the UAE on a more positive note as sentiment on Ireland's plan to cut debt sparks gains on the bourses.

UAE bourses opened higher this morning as Ireland's deficit-cutting plan offered a fillip to the global markets.

The Dubai Financial Market (DFM) General Index gained 0.4 per cent to 1,680.60 points and the Abu Dhabi Securities Exchange General Index increased 0.2 per cent to 2,762.12 points.

Talks on a bailout of Ireland's banks helped boost investor sentiment as Emaar Properties rose 0.83 per cent to Dh3.65, Dubai Islamic Bank inched 0.91 per cent higher to Dh2.21 and shares in DFM gained 1.32 per cent to Dh1.53.

In Abu Dhabi, First Gulf Bank was the top gainer as it rose 2.6 per cent to Dh17.95.

But shares in Abu Dhabi Commercial Bank fell 2 per cent to Dh2.34 as the region's third biggest bank said it filed a lawsuit against Credit Suisse Group, Standard & Poor's and others in New York.

Property stocks rebounded from the early week's losses as Aldar rose 1.3 per cent to Dh2.26 and Sorouh Properties rose 1.2 per cent to Dh1.65.