UAE stocks edge up as oil holds above $40

The Dubai Financial Market General Index, ended up 0.1 per cent at 3,386.23. Abu Dhabi’s headline index, meanwhile, rose 0.4 per cent at 4,585.1, with energy stocks taking comfort from oil’s recent rally.

UAE shares closed slightly higher on Tuesday, as oil held on to the gains of the past two weeks.

Brent crude futures, which closed above US$40 a barrel for the first time in three months on Monday, was trading at around $40.63 a barrel in the late afternoon.

“Brent is trading above the 100-day moving average for the first time in eight months,” according to a research note issued on Tuesday by Commerzbank.

“Meanwhile, there are increasing signs that US oil production is responding to the slump in drilling activity … [as] US shale oil production looks set to decrease by 106,000 barrels per day to 4.87 million bpd in April.”

The Dubai Financial Market General Index, ended up 0.1 per cent at 3,386.23.

Dubai Investments and Dubai Islamic Bank were among the main gainers of the day, rising 1.8 per cent and 1.2 per cent, respectively.

Arabtec, which has risen by more than 50 per cent since late February, ended unchanged at Dh1.71 apiece.

Abu Dhabi’s headline index, meanwhile, rose 0.4 per cent at 4,585.1, with energy stocks taking comfort from oil’s recent rally. Taqa jumped 4.2 per cent to 49 fils, while Dana Gas shares closed up 3.7 per cent at 56 fils.

jeverington@thenational.ae

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