The ADX General Index ended 0.12% lower at 2,612.82 points. Shares of Sharjah Cement and Industrial Development Co. gained the most (up 9.43% at Dhs0.58), while United Arab Bank hit the bottom today, finishing down 10% at Dhs4.05.
Dana Gas, Methaq Takaful and Sorouh Real Estate closed unchanged. As gold prices continue to rally, investors still shy away from buying stocks massively. “The outlook for the week looks very positive for Gold. Gold has consolidated nicely above 1800 and the sell-off from the week before down to 1700, can now officially be declared as THE correction,” says Gerhard Schubert, Head of Precious Metals, Emirates NBD. He adds: “I envisage an orderly continuation of the bull market and do not believe that the Gold price is heading towards a bubble. The general economic outlook is worsening, which means the investment environment is displaying the perfect storm for investments.”