The Egyptian Exchange (EGX) benchmark index EGX-30 is expected to range between 7,350 points and 7,650 points during this week’s trade.
“The EGX-30 has been unable to surpass 7,600 points for some time now and it will remain unable to surpass this level except when the CIB stock moves upwards,” said Mohamed El-Asaar, head of the technical analysis department at the National Bank of Kuwait (NBK) for investment in North Africa and the Middle East.
El-Asaar predicted that the price of CIB’s stock will slow down even more during the week beginning 3 April to reach EGP 63.25.
During the past week, EGX-30 inched down by 0.31%, decreasing from 7,548.2 points to 7,524.99 points. Broader index EGX-100 experienced a marginal deterioration, declining by 0.01% during the week’s trade, while the small- and medium-sized enterprises (SME) index EGX-70 declined by 0.06% during the week.
“The total value traded recorded EGP 7.6bn, while the total volume traded reached 2189m [2.189bn] securities executed over 171,000 transactions this week,” an official report issued by the EGX stated.
“The Egyptians controlled 84.27% of the value traded during the week,” the report read. “Non-Arab foreign investors accounted for 6.41%, while Arab investors captured 9.32%.”
Foreign investors bought shares while Arab investors sold them.
“The institutions accounted for 48.07% of the value traded, while the remaining 51.93% were for the individuals,” the report said. “The institutions were net sellers during this week, with a net equity of 236.51m.”
On a monthly basis, the stock market’s indices picked up notably with EGX-30 surging by 22.42% and EGX-100 climbing up by 9.56%. EGX-70’s performance also improved, increasing by 4.61% compared to the beginning of the month.
The total value traded also increased by EGP 8.1bn, surging from 20.1bn at the beginning of the month to EGP 28.2bn by its end.
During the past month, institutions controlled around 46.97% of traded stocks while the remaining 53% were controlled by individuals.
The report added that: “Egyptians controlled 82.19% of the value traded [during March]. Non-Arab foreign investors accounted for 9.54%, while Arab investors captured 8.27%.”
The market capitalisation of listed stocks remained stable over the week with no value increases or decreases. The capitalization, however, surged by 3.66%, during the month, to record EGP 407bn.