Given the recent negative market sentiment in the UAE, sometimes even minor victories should be savoured.
The Dubai Financial Market General Index pushed through a level of technical resistance as it rose 0.3 per cent to 1,742 yesterday, on a volume of 162.8 million shares.
“Markets crossed the 1,740 level, which was an important minor resistance point to cross, helped by news that banks are closer to agreements on Dubai World restructuring,” said Mohammed Ali Yassin, based in Abu Dhabi with Shuaa Securities. Simon Cooper, the Middle East chief executive for HSBC, said on Monday that Dubai World’s debt restructuring proposal could be accepted in a few weeks. [Read More]
