UAE stocks mixed on open, Arabtec surges

The Abu Dhabi Securities Exchange (ADX) nudged up 0.07 percent during the first 30 minutes of trade, while Dubai Financial Market (DFM) fell 0.07 percent.

Dubai’s Arabtec continued its surge, up 6 percent to AED 1.75 as DFM opened. Dubai’s Deyaar Development was up 1.03 percent to AED 0.59. The developer has said it won’t pay dividends for fiscal year 2015.

Dubai Islamic Bank was up 0.63 percent to AED 6.35. The bank appointed Hussein Hamid Hassan as board chairman and approved a 45 percent cash dividend for FY15.

Telcom operator du fell 0.33 percent to AED 6. The UAE’s second-largest telco proposed paying a higher dividend, despite its profit drop in Q4.

On Abu Dhabi’s bourse, Dana Gas jumped 5.88 percent to AED 0.54. The company said production from the Zora gas field started on February 28.

Abu Dhabi Commercial Bank fell 1.43 percent to AED 6.90. The bank approved a 45 percent cash dividend for FY15. 

Oil and global markets

Brent crude last traded at $36.68 per barrel (bbl), while WTI crude was at $34.04/bbl, as oil prices appear to have bottomed out.

China’s Shanghai composite index surged 2.67 percent to 2,806 points as Asian markets neared closing hours on Wednesday. Japan’s Nikkei jumped 4.24 percent to 16,767 points.

U.S. equities started the month on a positive note, with Dow Jones rising 2.11 percent to 16,865 points on Tuesday, and Nasdaq up 2.89 percent to 4,689 points. Latest data on construction and manufacturing indicated that the sectors were stabilizing.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com