UAE Stocks: Key factors to watch

The Dubai Financial Market (DFM) opened on a positive note on Monday, lifted by Emaar, Air Arabia, and Damac Properties. Abu Dhabi Securities Exchange (ADX) rose 0.26 percent within 30 minutes as the real estate, telecom, and insurance sectors were all in the green.

Argaam has compiled a list of local and global developments that are likely to impact local stocks.

Crude oil prices were on a climb when markets opened in the UAE on Monday. Benchmark Brent crude was up $34.47 per barrel (bbl), while West Texas Intermediate (WTI) rose to $31.24/bbl.

Saudi Arabia's oil minister met his Venezuelan counterpart on Sunday to discuss cooperation between OPEC members and other producers to stabilize the global market.

Japan’s Nikkei was up 0.36 percent in the last hour of trade. Markets in mainland China, Hong Kong and Taiwan are closed for the Spring Festival. Also closed are South Korea, Singapore, Malaysia, Vietnam, and the Philippines.

Abu Dhabi Securities Exchange

Abu Dhabi Commercial Bank’s board of directors has proposed a 45 percent cash dividend for 2015.

Ooredoo Myanmar, a wholly-owned subsidiary of ADX-listed Ooredoo group, has secured a combined $300 million in funding from Asian Development Bank and International Finance Corporation.

Ras Al Khaimah National Insurance Company’s net profit for fiscal year 2015 rose 27 percent to AED 23.1 million. Gross written premiums increased by 38 percent to AED 407.5 million, while total assets increased to AED 657.4 million in 2015 from AED 529.1 million during the previous year.

Dubai Financial Market

Sheikh Mohammed bin Rashid Al Maktoum has approved a design for the emirate’s latest landmark high-rise near Dubai Creek. Emaar Properties, which is developing the Dubai Creek Harbour, expects to start construction within the next few months.

Emaar Malls rose 3.6 percent to AED 2.58 within the first 30 minutes of trade. The shopping malls and retail arm of Emaar Properties reported a net profit of AED 435 million for Q4 2015, marking a 16 percent increase against the previous quarter.

Air Arabia rose 2.4 percent to AED 1.28 after a trading halt on the stock was lifted. The airline reported a net profit of AED 531 million for fiscal year 2015, a 6 percent drop compared to the previous year. The board also proposed a 9 percent cash dividend.