UAE Stocks: Key factors to watch

Stocks in the United Arab Emirates jumped at open on Thursday, as oil prices climbed on a weaker US dollar and reports of a possible meeting between OPEC and non-member producers.

Dubai Financial Market (DFM) gained almost 2.66 percent within 30 minutes, while the Abu Dhabi Securities Exchange (ADX) gained 1.22 percent.

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

Brent crude swung up on Thursday, after declines the previous day, once again crossing the $35-level. West Texas Intermediate (WTI) was last trading at $32.51 a barrel, just half an hour before markets opened in the UAE.

Most Asian stocks gained on Thursday following the rise in oil prices and a weaker US dollar. The Shanghai Composite index was up 1.55 percent to 2,782 points by midday in China. Hong Kong’s benchmark was up 1.15 percent to 19,210 points.

US markets closed higher on Wednesday, with oil gaining strength. Dow Jones rose 1.13 percent, but Nasdaq retreated 0.28 percent by market close.

US crude oil and gasoline inventories jumped to record highs in the week that ended January 29, new data from the Energy Information Administration showed.

London-based Barclays said it will dismiss nearly 150 staff in Dubai as it restructures its corporate banking business in the Middle East.

Dubai-based real estate developer Nakheel has reported a net profit of AED 4.38 billion for the 2015 fiscal year, a 19 percent year-on-year (YoY) increase.

Abu Dhabi Securities Exchange

Union National Bank announced amendments to its articles of association, including changes to shareholder ownership and capital increases.

Foodco Holding reported a net profit of AED 50.9 million for fiscal year 2015, a 20 percent increase compared to the previous year. Total revenue jumped 30 percent to AED 286.4 million in 2015.

Dubai Financial Market

Trading on Commercial Bank of Dubai shares are suspended starting from 9:30am for a board of directors meeting and until results are disclosed.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com