UAE stocks gained as oil prices kept shooting up, to be now at $61 a barrel and a 13-month high. Investors seem to be hoping for a quicker revival of the economy.
Dubai Financial Market notched higher to 0.4 per cent to trade at 2,653 points, rising back from four straight losses. The emirate's top lender Emirates NBD made up by 2.2 per cent to its biggest-single day gain this month.
Insurance stocks mostly traded higher as investors expected strong earnings, after National General Insurance posted a 150 per cent jump in its full-year net profit. Dar Al Takaful ticked higher by 3.1 per cent to Dh3.3 while Islamic Arab Insurance edged up 1.3 per cent to Dh0.9.
Lower dividends hurt
The index gains were capped by the telco du, which dropped 3.1 per cent to Dh6.5 after its full-year net profit fell 16.8 per cent Dh1.44 billion. Its board of directors recommended 28 fils a share as dividends, down from 34 fils a year earlier.
Abu Dhabi Securities Exchange eked out 0.5 per cent to 5,682 points with Abu Dhabi Aviation gaining 1.1 per cent to Dh 3.8 as its outlook brightens as investors bet that vaccinations programmes will get the aviation sector to fly high again.
First Abu Dhabi Bank inched up 0.9 per cent to Dh15. The lender is planning an euro-denominated bond issue to tap global debt markets awash with liquidity and governments and central banks pumping money to revive economies.
Qatar Exchange dropped 0.5 per cent to 10,445 points dragged by lackluster earnings. Doha Bank declined 1.4 per cent to QR2.3 after its full-year profits slipped around 7 per cent to QR703 million as the lender took on significant loan-loss provisions.
Industries Qatar edged back 0.4 per cent to trade at QR11.9 after its full-year profits plunged 23 per cent and revenues dropped 17 per cent, resulting in lower dividend payouts. The firm reported QR2 billion in profits compared with QR2.6 billion for 2019, and QR11.4 billion in revenue, down from 13.7 billion a year earlier. It cut down the dividends to 0.33 riyal from 0.4 riyal.