UAE Stocks: Key factors to watch

The Dubai Financial Market (DFM) rose 1.72 percent to 3,055 points, while Abu Dhabi edged up 0.51 percent to 4,128 points within 20 minutes of opening.

News of a possible meeting between Saudi and Russian oil ministers sent oil prices soaring Tuesday. Brent crude was last trading up 3.8 percent to $34.66, while WTI crude rose 4.4 percent to $30.74 a barrel.

Chinese stocks also jumped Tuesday, with the Shanghai Composite Index up 2.75 percent to 2,822 points and Hong Kong’s Hang Seng index up 1.72 percent to 19,244 points. Japan’s Nikkei was up more than 1 percent to 16,194 points. Asia is a strategic trading partner for the United Arab Emirates.

Abu Dhabi Securities Exchange

Aldar Properties shares were up 1.69 percent to AED 2.40. The developer plans to extend maturities on its AED 6 billion debt.

Abu Dhabi Islamic Bank (ADIB) was the highest gainer during early trade, rising 1.14 percent to AED 3.54.

Dubai Financial Market

Emaar Properties was among the major gainers during initial trade, climbing 2.74 percent to AED 5.63.

Damac was among the most active stocks early, climbing 2.46 percent to AED 2.50.

Meanwhile, Emirates NBD approved a 40 percent cash dividend to be distributed at 40 fils per share during Monday’s annual general meeting.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com