UAE stocks open higher as oil edges up

UAE stock markets opened in positive territory on Wednesday as the Abu Dhabi Securities Exchange’s (ADX) benchmark index edged up 0.11 percent to 4,323 during the first half hour of trading, while the Dubai Financial Market’s (DFM) general index climbed 0.9 percent to 3,303.

Shares of Abu Dhabi-listed Aldar Properties climbed 2 percent to AED 2.72, leading real estate stocks higher. Abu Dhabi National Energy Co. (TAQA) was among the top gainers in early trading as the stock jumped over 2.4 percent to AED 0.42.

On the DFM, Emaar Properties and Arabtec gained over 1 percent to AED 5.88 and AED 1.64, respectively.

GFH Financial Group saw its shares advance by more than 3 percent to AED 0.82. The company said earlier that it had signed a $144 million agreement to become an anchor partner in a new luxury development in central London.

Emirates Integrated Telecommunications Co. (du) has approved a AED 0.20 cash dividend for fiscal year 2015, as well as bonuses for the telco’s board of directors for the same period.

Oil and global markets

Oil resumed its climb on Wednesday, lifted by a weaker US dollar and news of US crude stocks increasing at a lower level than expected.  Brent crude was last trading 0.4 percent higher at $39.29/bbl and WTI crude gained 0.7 percent to $38.53/bbl.

Asian stocks were mixed a day after US Federal Reserve chair Janet Yellen said she expects the rise in interest rates to be slow and “gradual”. China’s Shanghai Shenzhen CSI 300 index rallied, and was up 3 percent to 3,212. Japan’s Nikkei closed percent lower at 16,878 points after the yen strengthened.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com