It was a healthy week on the Stock Exchange which closed with sellers having the upper hand and making good profits according to analysts.
The Dubai Financial Market General Index (DFMGI) and the Abu Dhabi Securities General Index (ADI) are now both in a profit-making situation and this trend looks set to continue for the first few days of this week at least.
Wednesday was a crucial day last week where buyers were able to push market shares higher in the first half of the day which did not happen the previous day. By the end of the days trading however sellers had regained the upper hand and bought shares at a price lower than they had slumped to on Tuesday.
Analysts predict that it will be a sellers market at the beginning of this week and we are likely to see a minimum of two such days before any change begins to set in. The DFMGI could reach 2,117.33 this analysts predict is not definite but is quite likely.
The ADI was down to minus .006 this week and closed at 2,831.62 and it had advancing issues of 23, its overall volume was at its highest rate since December of 2009.Paul Holdsworth, Staff Writer, Gulf Jobs Market News