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Methaq Takaful recovery continues

The Abu Dhabi-based ADX General Index added 0.32% to reach 2,590.49 points, as a direct reaction to the global upswing at European and U. S. Markets. Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi commented in his latest Economic Intelligence report: "Global equity markets are on a more positive note, with the other side of the coin being a sharp decline in the price of gold from the peak a few days ago by -8.3% to $1,740 per ounce (still up +26% YTD)." Islamic insurer Methaq Takaful was the second liquid share, closing 1.39% higher at Dhs1.45. From a chart technical perspective, Methaq is performing a rounding or saucer bottom. Dana Gas and RAK Properties ended unchanged at Dhs0.55 and Dhs0.36, respectively. Over the week, the ADX closed unchanged.