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Tech and pharmaceutical companies in high demand for UAE stock traders as fluctuating oil prices move oil and gas companies down the profitability rank
Saxo Bank, the online multi-asset trading and investment specialist, has announced the five most traded stocks in 2016 (single stock CFDs) on its SaxoTraderGO platform.
Facebook delivered another solid year for investors, ranking number one in the UAE as the most traded stock in 2016. With the year marking a 9.6 per cent return and less drawdown during the turbulence in February, Facebook is one of the most traded stocks due to its unique characteristics and access to the value creation in social media. This is despite the company announcing in November that it expected a slowdown in revenue growth from high levels of around 50 per cent annualised growth.
The impact of 2016’s record fluctuation in oil prices, which reached its lowest point at USD 27 per barrel (on 20 January), wreaked havoc on the industry and global economies, weakening stock trader demand. Even the first production cut in years by the Organisation of the Petroleum Exporting Countries (OPEC) last December, which helped trigger significant market moves and improved supply-demand balance, did not elevate the two leading oil and gas sector companies, National Oilwell Varco and Schlumberger Limited, among UAE traders. The stocks, respectively, ranked 4th and 5th.
“In a climate of weakened demand for oil and gas industry stocks brought about by geopolitical and economic events in 2016, I am not surprised that tech companies such as Facebook and Apple have seen high demand among UAE traders. Sinking oil prices have sent traders looking at more profitable options in other sectors,” commented Peter Garnry, Head of Quantitative Strategies, Saxo Bank.
In order of ranking, 2016’s top 5 most traded stocks on SaxoTraderGO in the UAE were Facebook Inc., Apple, Radius Health, National Oilwell Varco and Schlumberger Limited. The most traded stocks on the SaxoTraderGO platform, globally, were Facebook Inc., Amazon, Apple, Deutsche Bank and Novo Nordisk.
About Saxo Bank
Saxo Bank Group (Saxo) is a leading multi-asset trading and investment specialist, offering a complete set of investment and trading technologies, tools and strategies.
For almost 25 years, Saxo’s mission has been to enable individuals and institutions by facilitating their access to professional investing and trading through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its private clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology.
Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and headquartered in Copenhagen, Saxo employs more than 1500 people in financial centres around the world including London, Singapore, Paris, Zurich, Dubai and Tokyo.
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© Press Release 2017
