UAE Stocks: Key factors to watch

Stocks markets in the United Arab Emirates (UAE) opened higher on Sunday, with Dubai Financial Market (DFM) up 1.52 percent to 3,026 points, and the Abu Dhabi index up 0.22 percent to 4,080 points within 30 minutes.

UAE energy minister Suhail Al Mazroui's comments on OPEC being ready to cooperate to cut output sent Brent crude soaring 11 percent to $33.36 a barrel on Friday. WTI crude jumped more than 12 percent to $29.44.

US equities rose on Friday, trailing oil prices. The Dow Jones industrial average climbed 2 percent to 15,974. Nasdaq was up 1.6 percent to 4,337 points.

Abu Dhabi Securities Exchange

Aldar Properties opened trading 3.48 percent up to AED 2.38. A fire broke out at the under-construction building, being developed by Aldar in Astana, Kazakhstan.

RAK Properties prices rose 3.7 percent to SAR 0.57. The company reported a net profit of AED 160.1 million for fiscal year 2015, compared to a net profit of AED 155.7 million during the previous year.

Dubai Financial Market

Shuaa Capital dropped 4.86 percent to AED 0.35. The company’s Q4 losses widened to AED 161.8 million, compared to AED 14.8 million during the previous year. It also turned to a net loss of AED 190.3 million for fiscal year 2015, after recording a profit of AED 25.8 million during 2014.

Arabtec Holding rose 2.73 percent to AED 1.13. The company is working as the contractor on the Aldar building which caught fire in Astana, Kazakhstan.

Drake and Scull jumped 6.21 percent to AED 0.35, as the company reported a net profit of AED 14.7 million during Q4, up from AED 3.8 million in 2014. However, it posted a net loss of AED 936.7 million for fiscal year 2015, after making a net profit of AED 100.7 million during the previous year.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com