UAE shares fail to get boost from US and European bourses

Shares in the UAE took little comfort from the bright performance on Friday of US and European bourses, ending the day in the red.

The Dubai Financial Market General Index opened around 0.5 per cent higher before closing down 0.7 per cent at 3,594.13, thanks to a late sell-off of Mashreq shares.

The bank’s shares, which experience only intermittent trading on the DFM, yesterday fell by 6.25 per cent to Dh1.05, their lowest since March 2014.

Arabtec Holding and Emaar Properties were the other main laggers on the index, closing down 2.07 per cent and 1.22 per cent respectively.

Shares in DIB finished unchanged at Dh6.75 per cent apiece, after the bank announced it had received approval from Indonesia's Financial Services Authority to increase its shareholding in Bank Panin Syariah to 40 per cent from 25 per cent previously.

Shares in Abu Dhabi were little changed, closing 0.05 per cent lower at 4,517.52.

Shares in Dana Gas declined 1.82 per cent on the day, closing at 54 fils apiece. ADCB closed off 1.16 per cent at Dh7.66.

Etisalat was the pick of the four stocks to finish the day in positive territory, rising 1.05 per cent to Dh14.45.

jeverington@thenational.ae

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.