UAE stocks fall on open, Arabtec drags on Dubai

The Abu Dhabi Securities Exchange (ADX) slipped 0.58 percent shortly after trade began, while the Dubai Financial Market (DFM) was down 0.97 percent.

DFM-listed Arabtec slipped 4.92 percent to AED 1.74 as trade began. The company released a statement reiterating that all rumors claiming Hasan Ismaik will be appointed as chairman or board member are false.

Etisalat dropped 1.07 percent to AED 18.55. The telco will approve consolidated financial statements and propose a dividend at its March 9 board meeting.

Abu Dhabi’s First Gulf Bank slipped 0.37 percent to AED 13.40. The bank approved a 100 percent cash dividend for fiscal year 2015.

Oil and global markets

Oil prices extended gains on Monday on expectations of a slowdown in supply as the latest data from the U.S. showed a further decline in rig count. Brent crude last traded up 1.78 percent to $39.41 per barrel (bbl). WTI crude last traded at $36.54/bbl.

Asian markets started the week on a strong note, with China’s Shanghai composite index 0.81 percent higher to 2,897 points in the last hour of trade. Hong Kong’s Hang Seng index was up 0.16 percent to 20,209 points, while Japan’s Nikkei slipped 0.46 percent to 16,936 points.

China said it is aiming to expand gross domestic product (GDP) between 6.5 to 7 percent in 2016, and at least 6.5 percent over the next five years.

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

Nadeshda Zareen at nadeshda.zareen@argaamplus.com