Dubai and Abu Dhabi shares traded downwards at the open as concerns of dilution of shares from bluechip stocks, Arabtec Holding and Aldar Properties weigh on investors for the second consecutive day.
"The sentiment is still showing disappointment," said Marwan Shurrab, vice president and chief trader at Gulfmena Alternative Investments in Dubai. "The idea of share dilution is still sinking in the minds of investors, and they fear problems would rise with other stocks."
Shares of Arabtec Holding fell 3 per cent at 10:30am, trading at Dh1.88, the lowest since November 11. The Dubai contractor said it was seeking the approval to issue a convertible bond, in addition to issuing new shares.
The Dubai Financial Market General Index lost 0.4 per cent to 1626.54.
In Abu Dhabi, Aldar Properties lost 1.7 per cent to Dh2.25. The Abu Dhabi Securities Exchange General Index lost 0.3 per cent to 2730.12. The property developer said it was considering selling certain assets in addition to a convertible issuance.
"Investors now are unlikely to build positions in the near term, when facing dilution," Mr Shurrab said. Both stocks are blue chips in their markets, they control the sentiment, and once the negative sentiment surrounds the bluechips, you will see a sell off."
Elsewhere in the region, Kuwait's measure remained flat at 6949.40. Bahrain's measure also remained flat at 1424.88. Oman's index was unchanged at 6917.58. Qatar's measure was up at 1.6 per cent to 9137.89. The Saudi Tadawul All-Share Index is up 0.5 per cent to 6701.28.
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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.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions