UAE stocks eye higher open

The Dubai Financial Market (DFM) edged up 0.46 percent within 20 minutes of opening, while Abu Dhabi Securities Exchange’s (ADX) general index rose 0.36 percent to 4,224 points.

Aldar Properties opened trading on the ADX up 0.41 percent to AED 2.47. The company’s board of directors has recommended a 10 percent cash dividend for fiscal year 2015 to be distributed at 10 fils per share.

Abu Dhabi National Hotels announced the resignation of Rutger Smits as COO and acting CEO effective February 18.

Dubai-listed Arabtec was up 2.56 percent to AED 1.20 as the market opened. Damac Properties gained 0.80 percent to AED 2.53. The developer is planning to build six mixed-use towers at Dubai Canal.

Oil and global markets

Brent crude moved up 1.36 percent and was at $33.46 a barrel (bbl) an hour before UAE markets opened. WTI crude rose 1.59 percent to $30.11/bbl. National Bank of Abu Dhabi forecast WTI crude to trade between $25 and $45 per barrel in 2016, but could drop to $20 as the global supply glut worsens.

Nigerian President Muhammadu Buhari will meet with Saudi Arabia’s King Salman later this week to discuss measures aimed at stabilizing oil prices.

China’s Shanghai composite index surged 2.14 percent to 2,921 points, as Asian markets neared closing hours. Japan’s Nikkei rose 1.31 percent to 16,176 points.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com