Dubai’s benchmark index may fall as much as 11 percent in the next two weeks after the lack of positive catalysts pushed the gauge below a technical support level, Rasmala Investment Holdings said.
After the measure dropped below 2,130, the Dubai Financial Market General Index “will go down further to the 1,850 level where the market will find strong support,” Nabil Al Rantisi, senior vice president of brokerage at Rasmala, said today. The index could reach that level by the end of the holiday period next week, he said. His estimate is based on a weekly trend-line support and the 200-day moving average.
The stock market will close four days in the next two weeks in celebration of the Islamic Eid Al-Adha holiday on Nov. 26 and 29 and the United Arab Emirates National Day on Dec. 2 and 3.
Exciting times in Dubai at the moment:)
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