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Saturday, 30 May 2015

Pullback continues in UAE markets | GulfNews.com

Pullback continues in UAE markets | GulfNews.com:



"Last week the Dubai Financial Market General Index (DFMGI) dropped by 118.1 or 2.87 per cent to end at 4,000.50. Volume fell to an eight week low, the fourth consecutive week of lower volume. The majority of listings participated in the weakness, with 28 declining and only eight advancing.



The low for the week was 3,986.35, a six-week low, but not by much. The previous weekly low was 3,996.72, essentially where the DFMGI closed for the week.



Overall, the DFMGI continues to hover within a support zone and has not pulled back by much from the 4,253.28 peak reached four weeks ago. As of last week’s low the index had declined by 6.3 per cent. There has been plenty of opportunity for the index to weaken further by now, but buying strength is being maintained and holding up the index, at least so far."



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