UAE stocks open weaker

The Dubai Financial Market (DFM) fell 0.22 percent, while Abu Dhabi’s general index fell 0.14 percent.

Commercial Bank of Dubai fell 3.12 percent to AED 4.65. Its board of directors approved a 20 percent cash dividend for FY15 and increased its euro medium-term note program limit to $3 billion.

Fitch Ratings said it has affirmed long-term IDRs and support ratings of six banks in the UAE, namely National Bank of Abu Dhabi, First Gulf Bank, Abu Dhabi Commercial Bank, Union National Bank, Emirates NBD, and HSBC Middle East.

Dubai-listed Arabtec was one of the biggest gainers after jumping 7.14 percent to AED 1.35, while Abu Dhabi’s Arkan plunged 4.26 percent to AED 0.90. The building materials supplier was one of the biggest losers after opening.

Abu Dhabi-listed Agthia Group dropped 1 percent after opening to AED 6.93. The water utility company posted a net profit of AED 231 million for fiscal year 2015 (FY15), a 20 percent jump compared to the previous year. Its board also proposed a 12.5 percent cash dividend.

Oil and global markets

Brent crude last traded at $35.45 per barrel (bbl) on Monday. WTI crude was up 0.12 percent to $32.82/bbl.

U.S. rig count fell again last week, with data from Baker Hughes putting the number at 400, the lowest level since 2009.

China’s Shanghai composite index was down 3.39 percent at 2,673 points as Asian markets edged lower towards closing hours on Monday. Japan’s Nikkei was up by 0.68 percent to 16,298 points.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com