Mixed performance hides underlying strength | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) fell by 21.67 or 0.59 per cent to end at 3,651.10. Market breadth leant on the bearish side but not by much. There were 15 advancing issues against 20 declining, while volume dipped below the prior week. The DFMGI made an attempt to continue its ascent at the start of the week but was quickly rebuffed at the week’s high of 3,684.19. That was a new eight-month high but the day closed near the low of the day, clearly a failed breakout, at least for now. Regardless, the general trajectory of price behaviour continues to point higher. After a continuation of the pullback off last week’s high the index managed to end the week relatively close the recent highs, and just at support of the downtrend line starting from the early-August peak. The overall retracement off the high was approximately 50 per cent of the most recent upswing, a respectable pullback with a quick recovery."
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