Daily News Egypt

Egyptian Exchange aims to breach 12,000 points resistance this week - Daily News Egypt

Advertising Area

Advertising Area

Egyptian Exchange aims to breach 12,000 points resistance this week

EGX30 closed at 11,654.58 points, an increase of 1.76% during last week


The Egyptian Exchange (EGX) will seek to breach the resistance level of 12,000 points during this week’s trading.

Mohamed Othman, Head of the Technical Analysis Department at Pharos Holding, said that the current market conditions are getting stronger.

He also said that the market is ready for further advances towards the resistance level at 12,000 points and then 12,500 points.

Othman noted that the positive viewpoint remains intact as long as the benchmark index EGX30 keeps trading above the support level which lies at 11,400 points. In case of declines, it will be seen as a temporary profit taking operation, and should be used as a buying dips opportunity owing to the bias towards a bullish scenario.

The EGX30 closed at 11,654.58 points, recording an increase of 1.76% during trading last week. The EGX70 EWI posted a 2.54% gain, concluding last week period at 2,311.89 points, while the S&P/EGX ESG rose by 1.06% and concluded the period at 1,912.3 points.

The EGX30 Capped rose by 2.02% to conclude at 14,167.3 points, while the EGX100 EWI index rose by 2.32% and concluded the period at 3,328.19 points.

Total market capitalisation reached EGP 693.3bn at the end of last week’s trading, representing an increase of 2.28% during that time period.

The total value traded recorded EGP 18.3bn, while the total volume traded reached 3,139m securities executed over 262,000 transactions last week.

For the week before last, the total value traded recorded EGP 23.6bn, while the total volume traded reached 3,091m securities executed over 259,000 transactions.

Stocks trading accounted for 42.34% of the total value traded on the main market, while the remaining 57.66% were captured by bonds over the last week.

Egyptians represented 84.7% of the value traded in listed stocks, after excluding deals during the period. Foreigners accounted for 7.9%, while Arabs captured 7.3%.

Foreigners were net buyers, with a net of EGP 87.9m, and Arabs were net sellers, with a net value of EGP 18.0m, after excluding deals in listed stocks.

Since the beginning of the year, Egyptians have represented 83.3% of the value traded in listed stocks after excluding deals, whilst foreigners accounted for 9.6%, and Arabs captured 7.1%. Foreigners were net buyers by EGP 572.1n, with Arabs net buyers with EGP 83.7m, after excluding deals in listed stocks during this year.

Advertising Area

https://dailyfeed.dailynewsegypt.com/2021/01/23/egyptian-exchange-aims-to-breach-12000-points-resistance-this-week/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe