CMA signs MoU with the International Federation of Technical Analysts

And organizes a training programme on ‘Technical Analysis’ for operators in brokerage companies

Al Sharji: technical analysis determines the level of financial performance of listed companies, and is a planning and monitoring method

Yesterday morning, the training programme on “Technical Analysis” started in cooperation with the International Federation for Technical Analysts. The programme will be conducted for 3 days with the participation of 18 employees representing companies operating in the securities field. On the margin of the programme agenda, H.E. Shiekh Abdullah Al Salmi, Executive President of CMA signed a Memorandum of Understanding with the IFTA represented by H.E. Dr. Rolf Weitzer, President of IFTA. The MoU includes organizing training programmes for operators in the fields of investment, technical analysis and risk management of capital markets.

Al Salmi expressed his satisfaction regarding the MoU with IFTA that will contribute in promoting mutual cooperation and facilitate the exchange of information and capabilities related to developing educational and qualifying programmes in the field of technical analysis. It will also provide experiences and related scientific researches necessary to the development process of financial services industry and investment. H.E. confirmed that CMA’s concern to train cadres operating in the capital market field comes as a part of the essential responsibilities of CMA for developing the securities market. Scientific and professional qualification would enable the operators to provide technical and consultancy support which will upgrade the level of the provided services by companies operating in the field of securities, He expressed.

Khalfan Al Sharji, Director General of Capital Market Institutions Dep. presented the opening speech of the programme. He confirmed the importance of technical analysis in the financial sector and especially for institutions operating in the capital market sector as it is considered a measurement for determining the level of financial performance of companies. It is important now to understand the elements and methods of technical analysis and its relations in taking investment decisions and enhancing consultancy services provided by brokerage companies to investors. Al Sharji pointed to the role of brokerage companies as being a linkage tie between investors and the securities market. It contributes in direct interaction with all segments of the community and helps them in identifying investment opportunities available in the securities market by providing sufficient information and clarifying potential risk. He stated that CMA believes that this role is one of the fundamental conditions that makes a financial market efficient and solid.

Al Sharji added that an investor of whatsoever capability and education is in need for the assistance of specialist of brokerage companies to get their advices on market values of traded securities. As part of this, we are looking forward having companies concerned with conducting studies and researches, publishing results of analyses of financial status of listed companies, and studying and analyzing the general economic status to spread investment awareness and encourage saving and investment.

The International Federation of Technical Analysts (IFTA) was found in the late 80s as an international organization for association and organizations of technical analysis of capital markets. The Federation is a non-profit organization including 28 countries. The Federation supports technical analysts internationally, and organizes conferences and internationally acknowledged qualifying programmes (CFTE). It also supports the establishment of professional associations for local analysts regardless of sex, sect or religion.