What you need to know as UAE markets open on June 5

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 and Saudi Arabia have decided to sever diplomatic and consular relations with Qatar, citing security concerns.

3) Abu Dhabi-listed Dana Gas has appointed Houlihan Lokey as financial adviser and Squire Patton Boggs as legal adviser for the restructuring of its $700 million sukuk maturing in October, Reuters reported, citing sources.

4) Nasdaq Dubai-listed DP World is reported to have received Brazilian competition regulator’s approval for its purchase of the 66 percent shares controlled by Odebrecht corporation in the Embraport terminal at the Port of Santos, Brazil.

5) Oil prices edged up on Monday amid OPEC’s move to curb supply. Brent crude was last trading up 1.4 percent at $50.66/bbl and WTI crude rose 1.4 percent to $48.34/bbl.

6) Asian stocks were mixed towards closing hours. Japan’s Nikkei225 Index was last up 0.2 percent, while China’s CSI300 Index fell 0.6 percent.

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