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Saxo Bank's Most Traded Q1 Stocks in UAE: Tesla Took Investors for a Ride
 
• Netflix in the top 5 traded stocks among Saxo Bank’s UAE traders, while Amazon shows resilience to the impact of the COVID-19 pandemic in a home-quarantined world 
 
Dubai, United Arab Emirates, April 19, 2020:   Saxo Bank, the leading Fintech specialist focused on multi-asset trading and investment, has named Tesla as the most traded stock among its UAE-based clients in Q1 of 2020 ahead of Microsoft, Apple, Amazon and Netflix in a three-month period heavily impacted by the outbreak of the COVID-19 pandemic.
 
After a slow climb in January, the COVID-19 pandemic flushed all profits down the drain in a matter of weeks. This was mostly personified by Tesla’s Q1 rollercoaster, going from a short squeeze which sparked a 50 % increase in the stock price to being hit by the COVID-19 lockdown, which made it drop back to where the year started. Following a fantastic year in 2019, the market took a tumble in the first months of 2020, resulting in a 24 % drop on the S&P 500.
 
“Over the last year we have continuously asked ourselves ‘can this really go on?’. Q1 showed us it could not, however no one expected a black swan event like a pandemic to cause such a supply and demand shock,” says Peter Garnry, Head of Equity Strategy in Saxo Bank. 
 
A few months ago a global lockdown would have been stranger than fiction, but as this reality dawns, it is important to understand what is to come. 
 
“Not since 2008 has the world been this uncertain and out of balance. As equity prices reflect the future and growth prospects, they are the most sensitive to the current crisis. The last couple of months have given investors a glimpse of what’s lurking around the corner. Countries have entered lockdown, hospitals have been overstretched and demand for certain products and services has been in freefall,” says Garnry. 
 
Peter Garnry comments on the five most traded stocks among Saxo Bank’s UAE clients:
 
Tesla
Elon Musk's Q1 rollercoaster ride was something special. Musk’s electric car company went from reaching the sky, following an incredible short squeeze, to slamming the ground in just a matter of four weeks. 
For now the outlook depends on Chinese production starting to recover, which might get the Tesla ball rolling again. However, Musk could end up stuck in the mud of a recession. 
 
Microsoft
Last year Microsoft’s cloud-based unit made an impressive 59 percent revenue jump. This could improve even further, as most of the world is currently working from home. Instead of Microsoft needing to push for businesses to start using their cloud technology, businesses are forced to experience them first hand in order to operate on a daily basis. 
 
Apple
Following a record year in 2019, CEO Tim Cook needed to keep momentum in the phone and wearable market. But as with most companies around the globe, the supple chain took a big hit after the coronavirus lockdowns started in Asia. This forced Apple to announce as early as mid-February, that the company would not meet quarterly expectations. With the corona lockdowns still ongoing, it is hard to guess whether this will trend into Q2 as well.    
 
Amazon       
Jeff Bezos’ everything store proved itself ever so resilient during Q1’s covid-19 pandemic. While the rest of the market dropped double digits, Amazon left the first quarter of 2020 in the same state in which they started the year. In a time of crisis, the Seattle based company even set out to hire an additional 100,000 employees to accommodate the many orders from quarantined customers around the globe. 
 
Netflix
The streaming business has become ever so competitive over the last few years. However, with most of the world quarantined in their own homes with plenty of time on their hands, Netflix seems up for the job with almost 2.800 hours of original releases in 2019 alone. This detachment from previous providers could make the company stand out in a time of enormous streaming consumption. 
 
Across the wider GCC, Tesla, Alibaba, Apple, Microsoft and Amazon were the five most traded stocks among Saxo Bank clients.


Posted by : Dubai PR Network Editorial Team
Viewed 3715 times
PR Category : Automobile
Posted on : Monday, April 20, 2020  12:21:00 PM UAE local time (GMT+4)
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