US tech companies list popular stocks among UAE investors
- Date: 30-Dec-2020
- Source: Tahawultech
- Sector:Financial Markets
- Country:UAE
US tech companies list popular stocks among UAE investors
UAE, 29 December 2020: In a rollercoaster year that surprised analysts and market participants alike, US technology companies attracted the highest trading volumes among Saxo Bank investors in the UAE and around the world in 2020. The strict lockdowns and prolonged work-from-home trend which arose from the Covid-19 pandemic suited the business models of the US tech companies, reflected by the Nasdaq-100 being up more than 40% for 2020.
Peter Garnry, Head of Equity Strategy, Saxo Bank
Peter Garnry, Head of Equity Strategy at Saxo Bank, said: "This year was all about the online vs offline world as technology companies were catapulted into the future by the Covid-19 pandemic while many physical industries such as aviation, travel, leisure, hospitality and automobiles came under significant pressure due to the severe restrictions and lockdowns. 2020 will also be remembered for the rise of Tesla as its market value surged 646%, reaching a market value of $590bn and ending the year as the biggest stock inclusion in the history of the S&P 500 Index. Part of the Tesla story was the increase in EV sales globally despite the pandemic
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