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 edged down from 56.1 in April to 54.3 in May. Although the latest reading eased to a six-month low, it signaled a robust rate of expansion of the non-oil private sector, the bank said on Monday.
2) UAE-based airlines Etihad, Emirates, Air Arabia and Flydubai have suspended flights to Doha after UAE, along with Saudi Arabia and Bahrain, severed diplomatic relations with Qatar. The UAE has closed its airspace and sea ports to Qatar.
3) Abu Dhabi-listed Dana Gas said it has appointed Houlihan Lokey as financial advisors and Squire Patton Boggs as legal advisors for its sukuk al mudarabah amounting to $700 million, the term of which expires October 31, 2017.
4) GFH Financial Group has withdrawn from talks to acquire Dubai-listed Shuaa Capital due to both parties not reaching acquisition terms and not receiving initial regulatory approval yet. The company said its strategy to acquire financial institutions was still on track and it will continue to seek strategic opportunities in the future. GFH is listed in Dubai and Bahrain.
5) Oil slipped below $50-mark on Tuesday amid rising political tensions in the Gulf region. Brent crude was last trading down 0.4 percent at $49.27/bbl and WTI crude fell 0.4 percent to $47.19/bbl.
6) Asian stocks were mixed towards closing hours. Japan’s Nikkei225 Index was last down 0.5 percent, while China’s CSI300 Index rose 0.1 percent and Hong Kong’s Hang Seng Index added 0.3 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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