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Egyptian Exchange targets 10,450 point level amid optimism for continued surge - Daily News Egypt

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Egyptian Exchange targets 10,450 point level amid optimism for continued surge

EGX30 closed at 10,278.86 points last week, recording increase of 4.19%


Stock market experts expect the Egyptian Exchange’s (EGX) benchmark index EGX30 to see a surge in preparation for breaking the 10,450 barrier this week.

The positive expectations come in light of the index’s continued rise last week, which saw it close at 10,278.86 points, recording an increase of 4.19% over the last week.

Experts also expect the EGX30 to witness calm movements at the beginning of this week, before re-establishing new purchasing positions, in preparation for an attempted break in barrier.

Mohamed El Aasr, Head of the Technical Analysis Department at Thndr Securities Brokerage, said that in case reluctance from the latter level is witnessed, the Index would then be vulnerable to retest the minor support level at 10,200 points. On the other hand, a successful breach of the 10,310 points level would pave the way to the next resistance 10,450 points.

“Those who are heavily investing in the market are advised to make use of the rebound to reduce marginal exposure,” El Aasr added.

Meanwhile, the EGX70 EWI index posted a 1.36% gain, concluding last week at 2,328.72 points, while the S&P index rose by 5.36% and concluded the period at 1,772.31 points.

The EGX30 capped rose by 3.86%, to conclude at 12,877.36 points, while the EGX100 EWI rose by 2.18% and concluded last week at 3,296.87 points. 

Total market capitalisation reached EGP 651.5bn at the end of the period, representing an increase of 2.9% over the period.

The total value traded recorded EGP 27.6bn, while the total volume traded reached 2,714 million securities executed over 266,000 transactions last week. 

For the week before last, the total value traded recorded EGP 26.2bn, while the total volume traded reached 2,298 million securities executed over 232,000 transactions. 

Stocks trading accounted for 32.87% of the total value traded of the main market, while the remaining 67.13% were captured by bonds over the week.

Egyptians represented 83.3% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 9.1%, while Arabs captured 7.6%. 

Foreigners were net sellers, with a net of EGP 111.7m, whilst Arabs were net buyers, with a net of EGP 97.7m, after excluding deals in listed stocks. 

Since the beginning of 2021, Egyptians represented 81.6% of the value traded in listed stocks after excluding deals, whilst Foreigners accounted for 11.2%, and Arabs captured 7.2%. Foreigners were net sellers by EGP 2,340.2m, and Arabs were net buyers by EGP 581.1m, after excluding deals in listed stocks during this year.

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https://dailyfeed.dailynewsegypt.com/2021/06/26/egyptian-exchange-targets-10450-point-level-amid-optimism-for-continued-surge/
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