UAE markets not immune to global concerns | GulfNews.com:
"Last week the UAE could not escape global bearish sentiment due to a drop in oil to an 11-year low, and declines in global equity markets. China tipped into mini-crash mode, and major markets in Europe, Asia and the US fell below key price support levels. In the US, growth leaders, the FANG stocks, Facebook, Amazon, Netflix and Google’s parent Alphabet, fell sharply. These stocks were the leaders last year and make up approximately 26 per cent of the Nasdaq-100 Index. When market leaders start to turn down it does not bode well for the future of the wider market. It now looks like the US market could be moving into a more serious correction thereby adding to concerns for developed and emerging equity markets, including the UAE.
The Dubai Financial Market General Index (DFMGI) fell by 184.57 or 5.86 per cent last week to close at 2,966.43, a three-week low. There were only five advancing issues while 29 dropped, and volume dipped below the previous week.
The sharp sell-off puts the recovery rally off the December spike low of 2,851.24 at risk of failure."
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