The QE Index ended on a bullish note last week, surpassing the important resistance near the 11,170.0 level. Starting the week on a positive note, the index caved in under selling pressure on Monday and Tuesday, pulling it down below the supports of 11,100.0, 21-day moving average and the 11,000.0 levels. However, the index rebounded from its weekly low of 10,975.62 and registered an impressive rally during the middle of the week reclaiming all the above levels. The price action on Wednesday and Thursday was largely responsible for the gains over the week. Meanwhile, the index has successfully managed to defend the 11,000.0 psychological level on many occasions, thus providing a strong support area. Hence, until the time the index does not close below the 11,000.0 level, bulls need not worry. We believe this range-bound movement is healthy for the index over the long-term. Some rest is required before the index resumes the next leg of its rally. Further, the index may advance toward the 11,200.0-11,300.0-350.0 levels only if it clings onto the support near the 11,170.0 level. On the other hand, any dip below this level may drag the index to test the 21-day moving average followed by 11,060.0. Meanwhile, both the momentum indicators are providing mixed signals. Thus, we expect a mixed week with high volatility. Investors are advised to exercise caution and make good use of the stop losses.
The CMA has issued its resolution approving the prospectus of Arabian Waterproofing Industries Company and the initial public offering of (8,189,994) shares representing (30%) of the Company’s share
A smart recovery was witnessed on the Muscat bourse after retail investors entered the market to purchase blue chip stocks.
Also, strong movement in telecom and banking stocks lifted the M
Times of Oman
The UAE markets continued to remain sluggish on Wednesday awaiting fresh triggers, but maintained their overall positive outlook.
Traded value dwindled to Dh162 million, down from an average
Shares on the Muscat bourse recovered on better support from local investors. The benchmark MSM30 Index increased and closed at 4,997.53 points on Tuesday, higher by 0.21 per cent. The MSM Sharia Ind
Times of Oman
Qatar’s stock index came slightly off a five-year low yesterday as local funds intensified their buying of those shares, snapping the 11-straight sessions of losses.r> Local investors have been net