UAE markets maintain upward bias but face overhead resistance | GulfNews.com

UAE markets maintain upward bias but face overhead resistance | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) was down 16.85 or 0.46 per cent last week to end at 3,633.91. Market breadth was bearish with 19 declining issues and 11 advancing, while volume fell slightly below the level of the prior week. Even though the index was down for the week it made a decent recovery after falling as much as 2.7 per cent at the week’s low of 3,551.01 reached on Tuesday. That decline gave bearish signals. However, the week ended with the DFMGI in the top quarter of the week’s price range, a short-term bullish sign. Bearish signals earlier in the week included a breakdown of a relatively narrow six-week consolidation phase on a move below 3,608.40, and a drop below the 55-day exponential moving average (ema), which is now at 3,615.50. A relatively sharp rally occurred off the week’s low (at the 21-week ema) on Wednesday. Therefore, the 21-week ema is a key trend indicator to watch for support in the future. If last week’s low holds during future weakness then it is a key component of the price structure of the three-month uptrend (higher swing low) and possibly the 13-month uptrend. "



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Dubai Holding announces jump in profit | GulfNews.com

Dubai Holding announces jump in profit | GulfNews.com:

"Dubai Holding announced today the financial results of its business group, Dubai Holding Commercial Operations Group (The Group), for the year ended 31 December 2016. The Group continued to see good operational progress with all businesses performing well and contributing to Group profitability. Net profit increased to Dh6.32 billion, up 8% from Dh5.83 billion, while total revenues increased by 16% to Dh16.84 billion compared to Dh14.53 billion last year. Mohammad Abdullah Al Gergawi, chairman of Dubai Holding, also announced that after obtaining the blessing of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. and after having put Dubai Holding on a rapid growth path, his mission as chairman of Dubai Holding had come to an end, paving the way for another talented person to take over, dedicating his full time and effort to his duties in the government."



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OPEC compliance seen growing as laggards Iraq and UAE pledge action | Reuters

OPEC compliance seen growing as laggards Iraq and UAE pledge action | Reuters:

"OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets. The Organization of the Petroleum Exporting Countries has pledged to curb its production by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years, to boost prices and get rid of a supply glut. Compliance with output restrictions has often been problematic in OPEC's history but this time the group has delivered reductions amounting to as much as 90 percent of the target in the first month alone."



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