Wednesday 21 May 2014

Traders hope Dubai Financial Market correction is a partial one | GulfNews.com

Traders hope Dubai Financial Market correction is a partial one | GulfNews.com:



"Market experts are asking themselves whether Dubai Financial Market’s loss of 14 per cent of its value over the past five trading days is a partial correction or a measured correction.



The DFM index closed on Tuesday at 4,655.71, 199.79 points (4.12 per cent) down on the previous day’s close.



If it is a partial correction, then the worst is likely over. If not, the market will see further declines.



“Until now I consider it a correction from the last ascent since March — since then we have gone from 3,800 to 5,400 without a correction, 1,600 points,” said technical analyst Osama Al Ashri. “If the market is correcting for this period, 4,600 is the support."



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