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The DFMGI rallies on, approaches our target

Posted: 09/20/2012 - 9:40 am

On September 9, we made the case for a rally in the Dubai index (DFMGI) from 1570 to 1650 highlighting the supporting Macro picture as well as the Market’s own positive price action. Our recommendation was to take a long bias with a focus on the liquid stocks. (read: For more upside in the DFMGI)

The index has gained 2.9% since then with many of the underlying stocks registering much stronger rallies. With the DFMGI currently trading at 1616, our target of 1650 stands within a close reach. It is worth highlighting yesterday’s heavy volume gains which have firmly pushed the index above the September high while reaffirming the market’s positive trend.

We maintain our target at this point and will continue to hold a long bias provided the price action remains supportive of the bullish argument.

Enjoy your gains…

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