What you need to know as UAE markets open on July 13

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

1) Abu Dhabi-listed Invest Bank posted a net profit of AED 88.3 million for Q2 2017, compared to a profit of AED 83.8 in the same period last year.

2) Commercial Bank of Dubai reported a net profit of AED 172.3 million for Q2 2017, declining from a profit of AED 245 million in the same quarter last year.

3) Union National Bank said its net profit rose 7 percent year-on-year to AED 506 million in Q2 2017.

4) Abu Dhabi-listed United Arab Bank posted a net profit of AED 27 million for Q2 2017, slightly up for AED 26 million reported in Q2 2016.

5) Oman & Emirates Investment Holding Co., listed in Abu Dhabi, incurred a net loss of OMR 964,663 in first half of 2017, compared to a profit of OMR 2.6 million.

6) Dubai-listed GFH Financial said that Fitch Ratings has upgraded its long-term issuer default rating from B- to B with a “positive” outlook. The short-term rating has been affirmed at B.

7) Dubai-based Topaz Marine plans to offer senior bonds worth up to $375 million with a five-year maturity, the company said in a statement.

8) Abu Dhabi National Oil Co. (ADNOC) is planning to publicly list its service stations unit, ADNOC Distribution, and may seek a value of as much as $14 billion, Bloomberg reported.

9) Oil prices were flat with a positive bias, an hour before UAE markets opened. Brent crude was at $47.75/bbl and WTI crude was at $45.49/bbl. OPEC in its latest monthly report said its output increased by 393,000 barrels per day in June compared to the previous month.

10) Asian stocks were in the green towards closing hours. Japan’s Nikkei225 Index was last up 0.1 percent, China’s CSI300 Index rose 0.5 percent and Hong Kong’s Hang Seng Index gained 1.1 percent.

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