Abu Dhabi stocks gain on open, Arabtec lifts Dubai

Abu Dhabi’s general index rose 0.40 percent during the first 20 minutes of trading, while The Dubai Financial Market (DFM) gained 1.24 percent Tuesday morning.

Dubai-listed Arabtec was up 10.42 percent to AED 1.59, continuing yesterday’s gains. The company finished Monday up 14 percent as former CEO Hasan Ismaik was said to continue increasing his stake.

Emirates Integrated Telecommunications Co. (du) was up 1.18 percent to AED 6.00. The company has proposed a cash dividend of AED 0.43 per share for fiscal year 2015. 

Abu Dhabi’s Aldar Properties was 0.40 percent higher at AED 2.51 per share, while Dana Gas jumped 1.96 percent to AED 0.52.

Oil and global markets

Brent crude crossed the $36-mark overnight and last traded 0.08 percent higher at $36.60 per barrel (bbl). WTI crude was up 0.30 percent to $33.85/bbl.

Saudi Arabia has reiterated its willingness to work with OPEC and non-member oil exporters to balance the global crude market.

OPEC oil output declined in February, down from the highest monthly levels recorded in January, due to disruptions in Iraqi exports, a Reuters survey showed. Saudi Arabia’s production remained stable, indicating that the kingdom is holding its end of the freeze deal.

China’s Shanghai composite index slipped 0.28 percent to 2,680 points as Asian markets neared closing hours on Tuesday. Japan’s Nikkei was down 0.17 percent to 16,000 points.

In the U.S., Dow Jones closed Monday lower by 0.74 percent to 16,516 points, and Nasdaq was down 0.71 percent to 4,558 points.

Write to Matthew Watson at matthew.w@argaamplus.com and

Nadeshda Zareen at nadeshda.zareen@argaamplus.com