UAE Stocks: Key factors to watch

Stocks in the United Arab Emirates opened flat on Monday. Dubai Financial Market (DFM) was down 0.20 percent to 3,005 points, while Abu Dhabi rose just 0.05 percent to 4,077 points within 20 minutes of opening.

Oil prices fell again on Monday, with Brent crude dipping 0.8 percent to $33.10 a barrel. WTI crude was down 0.9 percent to $29.17 per barrel. Markets in China, which opened after a week’s break, were in the red. The Shanghai Composite Index fell 0.80 percent to 2,741 points.

Japan’s Nikkei rose 6.4 percent to 15,913 points. Japan’s prime minister recently hinted at more government intervention to stimulate the economy, as data showed that its economy contracted 0.4 percent in Q4, against previous quarter.

Abu Dhabi Securities Exchange

Etisalat rose 0.62 percent to AED 16.15. The group’s net profit for fiscal year 2015 fell 4 percent to AED 8.3 billion compared to the previous year.

Dana Gas opened 1.96 percent higher to AED 0.50. Its net profit for fiscal year 2015 rose 15 percent year-on-year to AED 528 million.

Aldar Properties dropped 0.84 percent to AED 2.36 as the market opened. Its Q4 profit rose marginally by 4 percent to AED 750 million from AED 718 million in the same quarter last year.

Abu Dhabi Islamic Bank jumped 2.03 percent to AED 3.52 shortly after the market opened. Its net profit for fiscal year 2015 rose 10.5 percent YoY to AED 1.9 billion. 

Dubai Financial Market

Emirates Integrated Telecommunications Co. (du) fell 0.85 percent to AED 5.80 as the market opened. The company’s net profit for fiscal year 2015 fell 8 percent YoY to AED 1.9 billion.

GFH Financial Group rose 0.36 percent to AED 55. The group reported a consolidated net profit of AED 44.2 million for fiscal year 2015, down from AED 100.4 million in 2014.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com