What you need to know as UAE markets open on October 17

Here are some things you need to know as markets open today in the United Arab Emirates.

1) Dubai-listed Mashreq Bank reported a net profit of AED 561 million for Q3 2017, an increase by 35 percent year-on-year (YoY) driven by cost management strategies. Trading on Mashreq shares resumes today.

2) Abu Dhabi-listed United Arab Bank reported a net loss of AED 5.4 million for Q3 2017, compared to a profit of AED 16.9 million in the same period last year.

3) Trading on Dubai-listed Ajman Bank is suspended today starting 10.30 am as the bank’s board meeting is being held.

4) Dubai-listed Al Ramz Corporation Investment & Development said it has appointed Malik Kanawati as senior director-Prime Equity Brokerage at its subsidiary, Al Ramz Capital.

5) Abu Dhabi Islamic Bank will hold a board meeting on Oct. 22 to discuss and approve Q3 2017 financial reports.

6) Al Salam Bank-Bahrain, which is cross-listed in Dubai, said it has opened a new full-service branch in Bahrain.

7) India’s National Investment and Infrastructure Fund has signed an investment agreement worth $1 billion with a wholly owned subsidiary of the Abu Dhabi Investment Authority, WAM reported.

8) Oil prices held steady on Tuesday, following the sharp rise in the previous session on heightened geopolitical concerns. Brent crude was last slightly higher at $57.83/bbl while WTI crude slipped 0.1 percent to $51.8/bbl.

9) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei 225 Index was last up 0.4 percent, China’s CSI 300 Index was higher by 0.2 percent and Hong Kong’s Hang Seng Index rose 0.2 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com