Daily News Egypt

EGX rebounds on Egyptian purchases, holds above 9,000 points - Daily News Egypt

Advertising Area

Advertising Area



EGX rebounds on Egyptian purchases, holds above 9,000 points

Benchmark index to target 11,000 points on medium-term, says pundit


The Egyptian Exchange (EGX) closed Tuesday’s trading session in the green territory, gaining over EGP 15bn in market capitalisation, supported by Egyptian purchases.

With US stocks rising, the global financial markets recovery has left a noticeable impact, alongside opportunities to seize the low prices on the majority of shares registered on the EGX.

The blue-chip index EGX30 rose by 4.17% at the end of Tuesday’s session, closing at 9,840 points, driven by the decline in the numbers of Covid-19 infections and deaths. The EGX70 EWI index also rose, by 3.25%, to settle at 1,034 points.

Mohab Agina, head of technical analysis at Beltone Financial, projected that the market will continue to climb to reach 10,300 points. He added that the market is witnessing a good rise, and a return of billions in trading to stock exchange screens.

Mohamed Abdel-Hakim, head of research at Faisal Securities Brokerage, said the benchmark index’s positive performance will continue to target 11,000 points on the medium-term.

He said that the current market rise has come in conjunction with the emergence of clear purchasing forces due to the positive psychological state of investors. He advised investors to maintain that until the targeted levels are reached.

The EGX50 index recorded an increase of 3.847%, stable at 1,395 points, and the EGX30 capped rose by 3.63%, stable at the level of 1,397 points. The broader EGX100 also increased, by 2.9%, stable at 1,054 points.

The market recorded a trading value of EGP 1.13bn on 373.04m shares, executed through 31,700 transactions. The trading was on the shares of 175 listed companies, of which 133 shares rose. The prices of 18 stocks fell, while other 24 shares remained unchanged. This left the market capitalisation at EGP 543.35bn, gaining about EGP 15.61bn during the session.

Net dealings of Egyptians went towards buying, with a value of EGP 155.4m, accounting for 64.78% of transactions. Net transactions of Arabs and foreigners went towards selling, registering EGP 10.4m and EGP 145m, respectively, accounting for 9.14% and 6.1 % of total market dealings.

Individuals carried out 51.1% of transactions, heading towards purchases, except for Egyptians who recorded a net sale of EGP 31.5m. Institutions seized 48.9% of transactions, heading towards selling, with the exception of local institutions that recorded a net purchase of EGP 186.9m. Arab and foreign institutions recorded a net sale of EGP 20.2m and EGP 146.3m, respectively.

Advertising Area

https://dailyfeed.dailynewsegypt.com/2020/04/07/egx-rebounds-on-egyptian-purchases-holds-above-9000-points/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe