Movement, but little progress for UAE markets:
The Dubai Financial Market General Index (DFMGI) fell by 40.32 or 1.61 to end at 2,469.49. That’s the sixth week out of seven that the index has closer lower. There were 12 advancing issues and 26 declining, while volume fell to a three-week low.
Once again the DFMGI ended at a lower weekly close after falling to a new trend low for the long-term downtrend. Last week’s close was the lowest weekly closing price since the first week of September 2013 and it is a notice for further weakness.
Four weeks ago the index triggered a continuation of its long-term downtrend as it fell below the prior long-term swing low support of 2,590.72 from January 2016, and closed below it on a weekly basis. Since then the DFMGI has continued to fall reaching as low as 2,429.12 last week. That’s a 55.1 per cent correction off the May 2014 peak.
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