Here are some things you need to know as markets open today in the United Arab Emirates.
1) The Emirates NBD UAE Purchasing Managers’ Index picked up to a 19-month high of 56.2 in March, from 56 in February. The overall expansion was driven by sharper increases in output and new orders, as well as a record rise in stocks of purchases.
2) Abu Dhabi Islamic Bank (ADIB) shareholders have approved the distribution of 24.52 percent cash dividend for 2016. The dividend represents 39.8 percent of full year net profits and is equivalent to AED 780 million.
3) Dubai-listed Emirates NBD has obtained approval from the Saudi Arabian Monetary Authority to open three new branches in the kingdom, the bank said in a statement.
4) Today is the last day for entitlement to Emirates Integrated Telecommunications Co. (du) cash dividend.
5) Abu Dhabi National Oil Company (ADNOC) and Masdar have signed two memoranda of understanding with Saudi Arabian Oil Company to collaborate on identifying technologies that could improve operational performance and efficiency in the oil and gas sector.
6) Oil prices were flat on Tuesday, around an hour before UAE markets opened. Brent crude was at $53.12/bbl and WTI crude was last at $50.23/bbl.
7) Japanese equities declined towards closing hours, with Nikkei225 Index last down 1 percent at 18,789 points. China and Hong Kong were closed for holiday.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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