|10-16-2014, 03:14 PM||#1|
Dubai Financial Market heads for worst week since financial crisis
The Dubai Financial Market (DFM) headed for its biggest weekly fall since in five years on Thursday, dragged by a weak global performance and declining oil prices.
The DFM fell 2.34% to 4387.46 as of 11:21 GST (07:33 GMT) – the lowest since July. The Index has dropped 11% this week, a drop not seen since the financial crisis.
On Wednesday, the DFM fell below its 200-day moving average for the first time since the bull market’s beginning in 2012, a pessimistic technical signal for the long term.
The Abu Dhabi Exchange (ADX) fell 1.61% and Qatar’s main index fell 1.37%.
With fresh signs of economic weakness from Japan, Europe and China, stock markets across the globe has suffered over the last five sessions from a one of the strongest selloffs in years.
Simultaneously, oil is going deeper into a bear market amid indications of lower demand and increased supply in the coming period. Brent crude was last down 1.0% to $82.94 a barrel. Stock markets in the region have traditionally enjoyed a correlation with oil prices.
Bourses in Kuwait and Oman dropped 0.8% and 1.8% respectively.
The sell-off in regional markets has been largely attributed to external factors, and that gave investors an opportunity to take their profit after strong winning streak over the past year in stock markets.
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