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EGX likely to continue sideways movement between 10,100 - 10,350 points - Daily News Egypt

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EGX likely to continue sideways movement between 10,100 – 10,350 points

This will also look at the consistency of trading above the major support level 10,000 points then the chance of resuming the rebounding attempts remains intact.


Stock market pundits expect the Egyptian Exchange (EGX) to continue its sideways movement during this week’s trading at the 10,100 – 10,350 points levels, until one of the two levels is broken.

Mohamed Othman, Head of Technical Analysis Department at Pharos Holding, said that the company’s focus is on the 10,380 points resistance level where the buying power will be examined strictly. 

This will also look at the consistency of trading above the major support level 10,000 points then the chance of resuming the rebounding attempts remains intact.

He advised traders to adopt a conservative discipline by reducing the margin at any rebounding move and respect protective stops for each stock separately until a consistent buying power reappears.

The benchmark index EGX30 closed at 10,184.8 points, recording a decline of 0.7%, whilst the EGX70 EWI posted a 0.13% loss concluding the last week at 2,319.93 points. The S&P index declined by 2.16% and concluded the period at 1,705.16 points.

The EGX30 capped declined by 2.12% to conclude at 12,541.16 points, while the EGX 100 EWI declined by 0.77% and concluded last week at 3,253.52 points.

Total market capitalisation reached EGP 657.8bn at the end of the period, representing a decrease of 1.43% over the period.

The total value traded recorded EGP 14.1bn, while the total volume traded reached 2,041 million securities executed over 218,000 transactions this week. 

For the week before last, the total value traded recorded EGP 12.1bn, while the total volume traded reached 1,838 million securities executed over 189,000 transactions. 

Stocks trading accounted for 40.63% of the total value traded of the main market, while the remaining 59.37% were captured by bonds over the week.

Egyptians represented 83.9% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 8.4%, while Arabs captured 7.6%. 

Foreigners were net buyers, with a net of EGP 47.3m, and Arabs were net buyers, with a net of EGP 193.4m, after excluding deals in listed stocks. 

Since the beginning of the year, Egyptians represented 81.9% of the value traded in listed stocks after excluding deals, while Foreigners accounted for 10.9%, and Arabs captured 7.2%. Foreigners were net sellers by EGP 2,405.7m, and Arabs were net buyers by EGP 922.2m, after excluding deals in listed stocks during this year.

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https://dailyfeed.dailynewsegypt.com/2021/07/10/egx-likely-to-continue-sideways-movement-between-10100-10350-points/
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