" /> " /> " />

Abu Dhabi stocks rise further as commodities lose some appeal

04 March 2012

While gold lost some shining last week, investors continue to shift to equities, sending the ADX General Index up 0.66% to 2,641.29 points Sunday. Shares from firms located in the emirate of Ras al-Khaima (RAK) dominated today's trading session. RAK Ceramics gained the most (up 9.70%), while RAK Properties (4.80% higher) posted the highest trading volume. The UAE's first telecom provider and ADX bellwether Etisalat fell one percent. Year-to-date, the ADXGI gained 9.90%. Amid the sharp rise in equities, analysts and bankers discuss these days whether or not the current bull run is sustainable. Gerhard Schubert, Head of Precious Metals at the UAE's largest lender Emirates NBD in Dubai, said in his wekely commentary pubslished earlier today, "the trading community's disappointment about not mentioning the possibility of deploying more quantitative easing led to a dramatic sell-off in Gold. Several million ounces were sold within minutes as speculative longs and algorithmic traders run towards the exit door. Gold dropped US$100 as a result and some major damage has been done." Although the yellow metal has regained some ground since then, Schubert said that last week's trading in gold marked a 'key reversal'.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications