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Egyptian Exchange eyes breaking 11,675 points resistance level this week - Daily News Egypt

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Egyptian Exchange eyes breaking 11,675 points resistance level this week

EGX30 closed at 11,546.32 points, recording decline of 0.45% last week


The Egyptian Exchange (EGX) aims to surpass the next resistance level of 11.675 points during this week’s trading. In order to do so, it is looking to confirm that the current resistance level has exceeded 11,500 points with high volumes, before testing the higher level.

Mohamed Othman, Head of Technical Analysis at Pharos Holding, said that a possible rebound might take place as long as the benchmark index EGX30 keeps trading above 11,470 points. Currently, it is likely to resume its upward move where the first minor resistance level to watch lies at 11,600, followed by the more important level 11,675 points.

He added that monitoring volumes is highly recommended by approaching the predefined resistance level, in order to judge the strength of buying power and how far it will sustain its gains.

Meanwhile, Othman noted that Pharos Holding will keep its conservative attitude, and advise short term traders to reduce marginal exposure until a clear break above 11,675 points occurs.

Last week, the EGX30 closed at 11,546.32 points, recording a decline of 0.45%, whilst the EGX70 EWI posted 1.57% gain, concluding the period at 2,452.77 points. The S&P index declined by 2.53%, and concluded the period at 1,912.72 points.

The EGX30 Capped rose by 0.66% and concluded at 14,258.25 points, while the EGX100 EWI rose by 1.4%, and concluded the period at 3,488.18 points.

Total market capitalisation reached EGP 707.9bn at end of period, representing an increase of 0.22% over the last week.

The total value traded recorded EGP 24.1bn, while the total volume traded reached 4.58bn securities executed over 286,000 transactions last week. For the week before last, the total value traded recorded EGP 21.7bn, while the total volume traded reached 3.10bn securities executed over 273,000 transactions.

Stocks trading accounted for 47.65% of the total value traded of the main market, while the remaining 52.35% was captured by bonds over the week. Egyptians represented 86.8% of the value traded in listed stocks, after excluding deals during the period. Foreigners accounted for 6.3%, while Arabs captured 7.0%. Foreigners were net sellers, with a net of EGP 153.3m, and Arabs were net sellers, with a net of EGP 84.6m, after excluding deals in listed stocks.

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https://dailyfeed.dailynewsegypt.com/2021/02/13/egyptian-exchange-eyes-breaking-11675-points-resistance-level-this-week/
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