Dubai stock market takes cue from oil rally

UAE markets had a mixed day, with Dubai hitting a one-month high in intraday trading, while Abu Dhabi closed unchanged yesterday.

Brent crude futures rose to reach US$34.62 per barrel in the early afternoon on reports of discussions on oil production levels between Saudi Arabia and Venezuela, before weakening to about $33.39 later.

Shares in Dubai rode on the coattails of the morning surge in oil, rising by as much as 2.9 per cent before ending the day up 1.8 per cent at 3,094.78.

Emirates NBD and Emaar Properties were among the big gainers of the day, finishing 3.3 and 3.12 per cent higher respectively.

Air Arabia rose by 0.8 per cent to Dh1.26, despite the company announcing a 13 per cent drop in fourth-quarter profit.

Oil’s early rise had little ­effect on shares in Abu Dhabi, which ended the day almost unchanged at 4,103.05.

Agthia Group and Dana Gas were among the main gainers, rising 4.7 and 4.3 per cent. But Union National Bank and ­Etisalat led losses, retreating 3.6 and 0.3 per cent.

Shares in National Corp for Tourism and Hotels ended the day unchanged at Dh3.80, after the company announced a 4.3 per cent increase in net income for 2015.

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