DFM shares hit six-month high on 'bullish flag'-formation
- United Arab Emirates: Tuesday, October 16 - 2012 at 15:24
The DFM General Index closed 0.64% higher at 1,646.03 points Tuesday as global markets rebounded on expectation of earnings reports from market heavyweights in East and West. In Dubai, Emaar was the most liquid share (up 0.54%). DFM, the only Arab market being listed, closed 0.93% higher at Dhs1.09. From a chart-technical point of view, DFM is on the way to complete a 'bullish flag'. End of last month the research of HSBC cut DFM to 'underweight', after trading turnover dropped significantly in Q3. However, with the start of the fourth quarter, trading turnover bounced back at the DFM.
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