UAE stock markets were little changed on Sunday, even as oil prices rallied to a five-month high last week.
International benchmark Brent closed up 1.3 per cent at US$45.1 per barrel in London on Friday, while West Texas Intermediate finished up 1.2 per cent at $43.7 per barrel in New York. Oil prices rose above $45 per barrel last week for the first time this year as non-Opec oil production, particularly in the US, continued to fall.
“[Company] results are having a more important influence on stocks than oil prices at the present time,” said Sanyalak Manibhandu, a research manager at NBAD Securities.
UAE companies have so far posted mixed first-quarter results as the economic slowdown hits earnings.
The Dubai Financial Market General Index was practically flat at 3,583.41 on Sunday. Aramex shares rose by 1.7 per cent to Dh3.48 after it said first-quarter net profit rose by 12 per cent, beating analyst expectations. Builder Arabtec fell 0.5 per cent to Dh1.72. Emaar Properties dipped 1 per cent to Dh6.83.
The Abu Dhabi Securities Exchange General Index fell by 0.3 per cent to 4,621.16. The energy firm Taqa fell 1.5 per cent to Dh0.64, while property developer Aldar edged down 1 per cent to Dh2.76.
dalsaadi@thenational.ae
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