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Saturday, 12 August 2017

UAE markets take a rest |

UAE markets take a rest |

"Last week the Dubai Financial Market General Index (DFMGI) fell by 27.79 or 0.76 per cent to end at 3,647.33, its first decline in six weeks. There were only nine advancing issues while 26 declined, and volume dropped to a six-week low.

The DFMGI attempted to go higher just briefly last Sunday as it rallied above the prior week’s high of 3,68044 before quickly finding resistance at 3,681.11 and turning down. Subsequently, the index dropped into Wednesday before showing a little strength on Thursday. The low of the week, Thursday’s low, was at 3,623.08.
So far we’re seeing just a mild pullback and this is healthy for the uptrend, especially since it follows a four-week 8.0 per cent plus advance. The key price levels to watch next are last week’s high and low. A drop through the bottom will likely lead to a deeper pullback, and a daily close above last week’s high signals a continuation of the uptrend."

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Exclusive: Saudi Arabia favours New York for Aramco listing despite risks - sources

Exclusive: Saudi Arabia favours New York for Aramco listing despite risks - sources:

"Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world's largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom's economic and energy policies, the sources said. Their comments point to internal disagreements between what some advisers are recommending and what the crown prince wants."

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Oil Caps Weekly Drop Amid Shaky OPEC Compliance, Weaker Demand - Bloomberg

Oil Caps Weekly Drop Amid Shaky OPEC Compliance, Weaker Demand - Bloomberg:

"Oil had its worst week in a month as compliance with OPEC’s deal falters and the outlook for demand worsens.

While a weaker dollar helped push prices in New York 0.5 percent higher on Friday, erasing earlier losses, futures closed 1.5 percent down for the week. The International Energy Agency reduced demand estimates for OPEC crude this year and 2018, and said there are doubts about the group’s commitment to cutting production. Even a pledge by Saudi Arabia and Iraq to strengthen their commitment to the curbs isn’t helping.

“With the latest rhetoric from the IEA, it looks like the balancing cycle is further protracted, which is not great for the market,” Michael Loewen, a strategist at Scotiabank in Toronto, said by telephone. Investors need to see either OPEC production really decline or compliance to the output-reduction deal improve to believe rebalancing is happening, he said."

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