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Saturday, 7 January 2017

2017 starts on a positive note for UAE markets |

2017 starts on a positive note for UAE markets |
"Price action over the past several weeks in the UAE indices has been constructive as they continue to flirt with the potential of breaking out above 2016 highs. Meanwhile, oil remains close to nineteen months highs thereby improving investor sentiment towards UAE markets. Several times over the past couple of years oil has led the trend for UAE markets, and it may be doing so again now. If this is the case then both Dubai and Abu Dhabi market indices may soon breakout. If not, they will likely stay stuck within a relatively large price range for a while longer.
Last week the Dubai Financial Market General Index (DFMGI) was up 96.98 or 2.75 per cent to close at 3,627.86. That’s the DFMGI’s best performance in five weeks and it occurred during a shortened 4-day trading week due to the New Year holiday. Market breadth was clearly bullish with 28 advancing issues and 10 declining, while volume rose to a three-week high."

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