UAE stocks mixed as oil breaches $41

Stocks in the United Arab Emirates opened mixed on Tuesday with Abu Dhabi’s main index rising 0.60 percent and Dubai down 0.43 percent.

Abu Dhabi-listed First Gulf Bank opened 1.71 percent higher at AED 11.90.

GFH Financial Group jumped 2.42 percent to AED 0.85 as trade began on the Dubai bourse. The group has sold a 10 percent stake in Falcon Cement Company to Integrated Capital, the capital markets arm of Abu Dhabi Financial Group.

Dubai Investments was up 0.47 percent to AED 2.14. Emirates Aluminum Rolling (Emiroll), a joint venture 30 percent owned by DIC, will build a new AED 440 million aluminum plant in Abu Dhabi, expected to go on-stream by Q3 2017. DIC will also consider a 12 percent cash dividend at its April 13 general meeting.

Dubai-listed Air Arabia tumbled 7.30 percent to 1.27. Today marks the ex-dividend date for its 9 percent cash dividend distribution.

Oil and global markets

Brent crude last traded 0.34 percent higher at $41.68 per barrel, while WTI crude rose 0.46 percent to $41.71/bbl. OPEC’s chief Abdullah Al-Badri said he expects prices to go to a “moderate” level.

China’s Shanghai composite index was down 0.12 percent to 3,015 points as Asian markets neared closing hours. Hong Kong’s Hang Seng index fell 0.11 percent to 20,661 points. Japan’s Nikkei was up 1.94 percent to 17,049 points.

In the U.S., Dow Jones rose 0.12 percent to close at 17,624 points on Monday, while Nasdaq gained 0.28 percent to 4,809 points. Europe’s Euro Stoxx 50 index was down 0.36 percent to 3,049 points.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com