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High levels of liquidity support raising stock market - Daily News Egypt

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High levels of liquidity support raising stock market

Transactions of Egyptians and Arabs tended towards buying, while foreigners’ transactions tended towards selling

By Mahmoud Hashem

The main stock market index EGX 30 marked a 1.1% increase by the closure of the transactions Monday.

By the closure of transactions, EGX 30 recorded 7621.6 points, while EGX 50 increased by 1.8% reaching 1281.3 points. As for EGX 70, it increased by 1.7% to reach 401.2 points.

Meanwhile the stock market recorded a value of transactions reaching EGP 514.48m, while the market capital stood at EGP 457.68bn.

The transactions of Egyptians tended towards buying with the value of EGP 21.1m and the Arabs buying’s recorded EGP 7.2m.

As for the foreigners’ transactions, they tended towards selling recording EGP 28.46m.

This increase was attributed to the high levels of liquidity in the market support, raising the Egyptian stock(EGX)  indexes movement in the short term, which appeared in the Egyptian institutions’ purchases overcomes with a net exceeds EGP 100m.

Speculators predicted the continued survival of EGX indexes in the Green Zone during the short term, by targeting its main index EGX-30 registering 7.800 points and then 8,000 points.

Technical analysis director at Acumen Holding, Hisham Hassan said the market maintained a bullish trend in the short term to be stable at 7,500 points, which qualifies it to achieve 7,656 points, then 7,813 points in the short term.

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