The Egyptian Exchange’s benchmark index, EGX-30, is expected to range between 7,600 points and 8,100 points.
EGX-30 is expected to continue its upward trend prompted by the Commercial International Bank (CIB), 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.
The price of the CIB’s stock is expected to range between EGP 41.5 and EGP 44.5.The price of the stock is expected to increase by EGP 48-50 two weeks from now, the analyst added.
EGX-30 surged by 4.27% during the past week, increasing from 7,463.1 points to 7,781.45 points. The broader index, EGX-100, climbed by 0.98% while the small- and medium-sized enterprises index, EGX-70, inched up by 0.56%.
The total value of securities traded was recorded at EGP 6bn during the past week, compared to EGP 4.1bn registered the week before. The total volume of securities traded reached 1.71m securities executed over 157,000 transactions this week.
“Stocks trading accounted for 81.99% of the total value traded on the main market, while the remaining 18.01% were captured by bonds over the week,” an official report issued by EGX stated.
Egyptians dominated the trading, accounting for 79.78% of the value traded. Traders from Arab countries’ markets accounted for 10.48% while international traders accounted for the remaining 9.74%.
Since the beginning of the year, international investors were net buyers, with a net equity of EGP 7.77m. Investors from Arab countries were also net buyers, with a net equity of EGP 784.51m.
“Institutions accounted for 43.51% of the value traded, while the remaining 56.49% came from individuals,” the report stated. “Institutions were net buyers during this week, with a net equity of [EGP] 95.18m.”
The market capitalisation of listed stocks rose by 2.2% in a week-on-week comparison to reach EGP 415.6bn.