Bottom falls out of UAE markets | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) fell by 172.43 or 4.76 per cent to close at 3,449.81, that’s the largest one-week decline since May 2016 and the lowest close in 18 weeks. Most issues fell as there were 34 declining and only eight that advanced, while volume increased from the previous week. The precipitous fall triggered the breakdown of a double top trend reversal pattern on a move below 3,538 with the index then retracing just over two thirds of the prior advance. In addition, the minimum anticipated target of 3,391.90 from the double top was just about reached, close enough to consider finished. As of last week’s low of 3,397.92 the index was down 6.2 per cent for the week before recoving into the close. Also at that low the DFMGI was 7.8 per cent below the recent peak of 3,684.19 hit only three weeks ago. Selling pressure remained into the end of the week with the index closing in the bottom quarter of the week’s range."
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