"The Dubai Financial Market General Index (DFMGI) plunged 138.13 or 5.85 per cent last week to close at 2,222.46, its largest one-week decline since March 2012, and a six week low. Emaar Properties, the largest index component, contributed to the fall with its biggest drop since March 2012, ending 6.14 per cent lower. Volume fell to a nine-week low but remained in the upper range of the past several years. Weakness was widespread with 27 declining issues and only four rising.
Earlier in the week the index tested a weekly support zone at 2,182 and managed to hold above it the remainder of the week with barely a bounce. That low was 12.7 per cent off the high of 2,500.56 from a month ago.
Downward pressure remains with the DFMGI likely to see further weakness given the intensity of recent selling and the overall bearish technical picture. Of course there will be short-term rallies but the immediate trend is down."
'via Blog this'
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