Abu Dhabi stocks rise on higher oil prices

Abu Dhabi stocks open higher today as investors enjoy the knock-on effect of higher oil prices on US central bank plans to pump more money into the economy.

Abu Dhabi stocks opened higher today as investors enjoyed the knock-on effect of higher oil prices after the US central bank said it will pump more money into the economy.

The Abu Dhabi Securities Exchange Index rose 0.8 per cent to 2,774.22. The Dubai Financial Market (DFM) Exchange slipped 0.04 per cent to 1,736.94 after it opened higher at the start of trading.

"The market is not responding to outside upward movement. At this time, we should have a very good market rise, but we are sleeping," said Ameed Kanaan at Al Jazira Financial Services.

Arabtec lost 0.93 per cent to Dh2.13 as it reported a drop in third quarter profit to Dh6.8 million from Dh166.6 million in the year-ago period.

The country's biggest builder by market value also announced a reshuffle in its board, with Abdulla Kalban replacing Arif Naqvi as a member.

In other results today, Deyaar Development said it made a net loss of Dh145 million in the quarter and its shares lost 4.7 per cent to Dh0.32.

RAK Properties was one of the top gainers of the morning in Abu Dhabi, rising 5.5 per cent to Dh0.50 and was the most active by volume.

Elsewhere in the region: Qatar gained 1.3 per cent to 7,903.32; Oman rose 0.3 per cent to 6,535.62; Kuwait ticked 0.2 per cent to 7,138.20; Bahrain lost 0.04 per cent to 1,465.03 and the Saudi Tadawul All-Shares Index rose 1.8 per cent to 6,461.74, maintaining the week's early highs.