Momentum slows in Dubai, while Abu Dhabi bounces off support | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) declined 120.95 or 2.28 per cent to close at 5,181.14. Most listings participated in the weakness with 26 declining against eight advancing. Volume decreased from the prior week.
The index just barely made a new high, reaching 5,406.62 versus the prior week’s high of 5,394.88. Earlier in the week it dropped below the prior week’s low for the first time in nine weeks. That’s when the current rally began following a 9.07 per cent decline. The total advance during the rally has been 39.73 per cent. Last week’s 2.28 per cent decline was the DFMGI’s weakest performance since the beginning of the nine-week uptrend.
Even though the previous week’s low (5,078.37) was exceeded to the downside, we did not see a daily close below it. That would have given confirmation of weakness and increased the odds for further downward pressure. Given that, the DFMGI remains in a three-week consolidation phase with uncertainty as to the next likely direction. But there are additional signs to be diligent."
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