MSCI news deflates bourses

UAE stocks fell yesterday after a decision by the index compiler MSCI not to upgrade the Emirates and Qatar to "emerging-market" status. Companies that had been expected to form part of the index lost the most in the market downturn.

The Abu Dhabi Securities Exchange General Index fell 1.2 per cent to 2,413.24, its lowest level since March 2009.

The Dubai Financial Market General Index fell 1.2 per cent to 1,367.49, at one point trading within 10 points of the year's low, which was reached last month.

Meanwhile, Qatar's QE Index slipped 0.1 per cent to 8,752.87.

Stocks that were regarded as possible candidates for inclusion, such as Emaar Properties and First Gulf Bank, were targeted in the sell-off.

Emaar, which has the largest weighting on Dubai's main index, fell 4.3 per cent to Dh2.65.

First Gulf Bank, which had risen more than 13 per cent in the three weeks before the MSCI's announcement yesterday morning, fell 3.7 per cent to Dh15.50.

Given the scarcity of listed companies in the UAE's most profitable and rapidly growing sectors, investor interest remained wanting, said Jassim Alseddiqi, the chief executive of Abu Dhabi Capital Management.

"The UAE stock markets are not deep enough to reflect the economy. If there had been a wider variety of listings, the market declines of the past few years would have been smaller," he told Reuters. "Apart from Dana Gas, energy is not represented, and nor is tourism."

Brent futures rose US$1.74 to $105.71 yesterday after falling on Wednesday when Opec agreed to a higher production ceiling. Also yesterday, Omani and Kuwaiti stocks fell and Bahrain's were flat. The Saudi index was closed.

ghunter@thenational.ae

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.

On Instagram: @WithHopeUAE

Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”

While you're here

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