UAE stocks nudge higher on open

The Abu Dhabi Securities Exchange (ADX) rose by 0.11 percent 20 minutes into Tuesday’s session. The Dubai Financial Market (DFM) also opened in green, moving up 0.66 percent.

National Bank of Abu Dhabi was up 0.62 percent to AED 8.15. The bank will consider a 40 percent cash dividend at its general assembly meeting on March 15.

Dubai Investments shares fell 0.52 percent to AED 1.92. The DFM-listed firm will issue a binding offer of AED 98 million to up its stake in Property Investments LLC, a joint venture with Union Properties, by 20 percent.

Oil and global markets

Brent crude last traded at $34.06 a barrel (bbl). WTI crude was last at $31.48/bbl. The International Energy Agency has forecast that oil prices will start re-balancing in 2017.

OPEC’s Secretary General said on Monday the cartel might consider further steps to eliminate the global oil glut if the latest agreement between major exporters to freeze output at January levels stands firm.

China’s Shanghai composite index slipped 1.22 percent to 2,891 points as Asian markets neared closing hours. Japan’s Nikkei fell 0.19 percent to 16,080 points.

Write to Matthew Watson at matthew.w@argaamplus.com and

Nadeshda Zareen at nadeshda.zareen@argaamplus.com