Here are some things you need to know as markets open today in the United Arab Emirates.
1) Dana Gas has scheduled a board meeting on March 8 to discuss company operations in UAE, Egypt and Kurdistan Region of Iraq. The agenda also includes an assessment of the potential net value of the company, and a report on the company's funding position.
2) Abu Dhabi-listed Bank of Sharjah has issued senior unsecured fixed rate notes, totaling $500 million, for a five year maturity at mid swaps plus 225 basis points, to yield 4.23 percent. The notes were issued under the bank’s recently established euro medium-term note (EMTN) program, which is listed on the Irish Stock Exchange.
3) Trading in Emaar Properties shares is suspended today starting 12 noon, as the company’s board meeting is being held. The agenda includes discussion on dividend distribution for 2016. The Dubai-listed company distributed 15 percent cash dividend in 2015.
4) Trading in Mashreq Bank shares is also suspended today starting 11 am, as the bank’s general assembly is being held today.
5) A sharp rise in output and new orders in the United Arab Emirates’ non-oil private sector helped push the Emirates NBD purchasing managers’ index (PMI) to a 17-month high of 56.0 in February from 55.3 in January.
6) Oil prices eased on Monday on concerns over non-OPEC members’ compliance to the output curb deal. Both Brent crude and WTI crude were down 0.4 percent at $55.7/bbl and 53.1/bbl, respectively, an hours before UAE markets opened.
7) Asian stocks were mixed towards closing hours. Japan's Nikkei 225 Index was last down 0.6 percent, while Hong Kong’s Hang Seng Index rose 0.4 percent and China's CSI 300 Index added 0.5 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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