Sunday 2 February 2014

UAE markets give conflicting signals | GulfNews.com

UAE markets give conflicting signals | GulfNews.com:



"The Dubai Financial Market General Index (DFMGI) fell 48.64 or 1.27 per cent last week to close at 3,770.38, while market breadth was bearish with 29 declining issues and only five advancing. Volume was weak — the lowest level in eight weeks.



The near-term uptrend on a weekly basis remains in place (now heading into its twelfth week) as there is a series of higher highs and higher lows during that period. Earlier in the week the index slipped as selling pressure increased, but by the end of the week the DFMGI managed to close in the top half of the weekly range.



In other words, despite ending the week lower, the bulls have been able to hold the market up, even managing to take the index to a new high for the trend on Wednesday, before closing below it. Also, the relatively low volume on a down week is not indicative of sustainable selling pressure."



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