Stock DFM Dubai stock market
This week's set of financial results could buoy investment sentiments. Telecom giant du is up to announce its numbers shortly. Image Credit: Antonin Kélian Kallouche/Gulf News

UAE stocks were boosted by oil prices heading closer to $60 a barrel, while the US' latest $1.9 trillion stimulus is also playing a part in raising sentiments.

The Dubai Financial Market edged up 0.4 per cent to 2,677 points, signalling a return from three consecutive days of losses suffered as a result of new region-wide restrictions to combat the virus. Real estate stocks got the biggest boost with Emaar Properties gaining 0.8 per cent to Dh3.9 and Damac advancing 1.5 per cent to trade at Dh1.3.

Oil rose to near $60 a barrel after OPEC and its allies pledged output cuts, and Saudi Arabia announced an additional voluntary reduction of 1 million barrels a day for February and March.

Read More

Gains ahead of results

The telco du gained 0.6 per cent to Dh6.8 ahead of its Board of Directors' meeting later today to discuss the full-year results. The stock has risen in five of the last six sessions and is already trading over 17 per cent for the year, much of it triggered after it raised the foreign ownership ceiling to 49 per cent.

Abu Dhabi Securities Exchange gained 0.3 per cent to 5,690 points with First Abu Dhabi Bank eking out 0.5 per cent to Dh15. The lender has attracted serious buy-in recently after posting better-than-expected earnings, achieving accumulated gains of 15 per cent so far this year.

National Bank of Ras Al Khaimah traded 2.9 per cent higher to Dh3.9, rebounding from around 5 per cent plunge in the last session. The bank has seen a couple of negative performances after its full-year profits nearly halved resulting in a 50 per cent cut in dividend payouts to shareholders.

Earnings woes

Kuwait's premier index slipped 0.2 per cent to 6,240 points with banking stocks weighing down on it the most. Ahli United Bank slipped 0.4 per cent to 227 Kuwaiti fils as full-year profits plunged 46 per cent taking a hit from net financing income due to changes in discount rates, and as additional provisions were taken for future virus-related implications. The lender announced no cash dividend payouts.

Qatar Exchange dropped 0.3 per cent to 10,463 points as Doha Bank shed 0.8 per cent to QR2.4 while Barwa Real Estate slipped as much ahead of their full results expected to come in later today.