Crude gains as Dubai stock market closes on a high

The Dubai Financial Market General Index opened 1.4 per cent lower, but rose steadily, eventually closing up 0.1 per cent at 2,975.55.

Dubai stocks tracked oil prices on Wednesday, closing in positive territory as crude strengthened throughout the day.

Brent crude futures fell to US$32.30 per barrel in early trading but rose gradually throughout the day to about $33.30 per barrel in the afternoon.

The Dubai Financial Market General Index also opened 1.4 per cent lower, but closed up 0.1 per cent at 2,975.55.

Emaar Malls led gains, gaining up 4.1 per cent at Dh2.52.

Du hit its highest level since May 2014, closing up 3.5 per cent at Dh5.85, as speculation persisted on the stock's inclusion in the MSCI Emerging Markets Index.

Aramex, meanwhile, fell 3.3 per cent to Dh2.85 after the courier company announced a 36 per cent fall in fourth-quarter net profit.

Shares in the capital, however, failed to receive a similar boost from rising oil prices, ending the day down 0.8 per cent at 4,054.59.

Al Waha Capital and FGB were among the worst performing stocks, ending down 2.5 and 1.7 per cent respectively.

RAKBank finished unchanged at Dh5.50 after it announced a 3.5 per cent fall in annual profit. NBAD was among the main gainers, rising 1.5 per cent to Dh7.87.

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