What you need to know as UAE markets open on June 19

Here are some things you need to know as markets open today in the United Arab Emirates.

1) National Marine Dredging Co, listed in Abu Dhabi, board members have approved the subscription of 100 million shares in Dubai-listed Arabtec Holding, with a total value of AED 100 million.

2) Dubai-listed Drake & Scull International plans to complete its capital restructuring program by the end of the third quarter, deferring the process by one month, the contractor said in a statement. The company also announced that Tabarak Investment LLC has acquired the majority shares of former CEO, Khaldoun Tabari.

3) Abu Dhabi-listed Dana Gas said the English High Court of Justice in London has granted it an injunction restraining the holders of its $700 million sukuk from any hostile action against the company in connection with its sukuk al-mudaraba.

4) Insiders’ trading at the Abu Dhabi Securities Exchange (ADX) has been banned until the companies disclose their Q2 financial statements, ADX said.

5) The UAE reduced its holdings of US Treasuries by $2.4 billion to $60.6 billion by the end of April, new data released by the US Treasury showed.

6) Crude oil prices declined on Monday amid a rise in US rig count. Brent crude was last down 0.4 percent at $47.2/bbl and WTI crude fell 0.4 percent to $44.56/bbl.

7) Stocks in Asia were mainly positive towards closing hours. Japan’s Nikkei225 Index was up 0.5 percent, China’s CSI300 Index rose 1 percent and Hong Kong’s Hang Seng Index was up nearly 1 percent.

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