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Saturday, 24 March 2018

UAE markets go their separate ways |

UAE markets go their separate ways |

"Last week the Dubai Financial Market General Index (DFMGI) dropped by 47.77 or 1.49 per cent to close at 3,149.53. Most issues fell as there were only nine positive stocks for the week against 26 that declined. Volume meanwhile dipped to the lowest weekly level since August of last year. For the past several weeks the DFMGI has been consolidating within a relatively narrow range around the area of the 50 retracement (3,164.50) of the long-term uptrend which topped out in January 2017. This could potentially be at least short-term bullish as many times support is seen around the 50 per cent retracement zone and is followed by a bounce if not more. However, even though we are seeing support as the index has essentially stopped going down, it has not been enough to turn the market up. This means that downward pressure remains and the risk of a bearish continuation of the five-month downtrend is real. There are several indications that would support such a bearish scenario. First, and of significance, is that the recent lows and three-week consolidation have occurred below a two-year consolidation pattern. A breakdown from that pattern occurred three weeks ago as the DFMGI fell below long-term support at 3,195.49. Further, last week’s low of 3,134.12 was a new 25-month low, plus the week ended at a new 25-month weekly closing low. "

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GIF retains ‘overweight’ position on Qatar - The Peninsula Qatar

GIF retains ‘overweight’ position on Qatar - The Peninsula Qatar:

"The London-listed Gulf Investment Fund (GIF), formerly known as Qatar Investment Fund (QIF),  has retained its position ‘overweight’ on Qatar. On October 16, 2017 the fund announced its intention to change its investment policy  from a largely Qatar-focused investment strategy to a broader GCC investment strategy. Previously, the investment policy enabled the fund to invest up to 15 percent of the company in GCC countries, other than Qatar. The change in investment policy removed the 15 percent limit and enabled the Company to increase its investment allocation to other GCC countries and provided the Investment Adviser with a wider investment universe and more flexibility to identify attractive opportunities in the GCC region."

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Qatar, Turkey to enhance economic cooperation - The Peninsula Qatar

Qatar, Turkey to enhance economic cooperation - The Peninsula Qatar:

"The Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani (right) met with the head of Qatar-Turkey Business Council and member of directors’ board at Foreign Economic Relations Board of Turkey (DEIK) Ethem Sancak (left) and his accompanying delegation in Doha, yesterday. During the meeting, they discussed aspects of joint cooperation, especially in the field of economic, trade and investment, and means of developing them. Bilateral trade volume stood at QR4.9bn in 2017, which is expected to jump significantly in coming years. Turkey’s Ambassador to Qatar Fikret Ozer was also present."

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Oil clocks best week in nearly 8 months on ‘Bolton premium’

Oil clocks best week in nearly 8 months on ‘Bolton premium’:

"Geopolitical risks returned to the oil market with a vengeance this week to help both US and global crude prices deliver their biggest weekly gains in nearly eight months. Brent, the international crude marker, settled up 2.2 per cent at $70.45 a barrel, putting the gauge less than a dollar away from the three-year highs of $71.28 set in late January. The move also takes the benchmark’s five-day advance to 6.4 per cent, making this its best week since July 28."

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UAE Central Bank's total foreign assets near $92.60bln in February | ZAWYA MENA Edition

UAE Central Bank's total foreign assets near $92.60bln in February | ZAWYA MENA Edition:

"The UAE Central Bank's total foreign assets surged to an equivalent of AED339.81 billion during February, a growth of 4.2 percent from AED326 billion in January.

According to statistics issued by the CBUAE, the current account balances and deposits with banks abroad increased from AED254.91 billion in January to AED266.530 billion in February.

According to CB criteria, the foreign assets do not include CBUAE's reserve tranche position and SDR holdings with the IMF."

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