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Egyptian Exchange likely to reach 11,450 points in case of breaking 11,145 resistance mark - Daily News Egypt

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Egyptian Exchange likely to reach 11,450 points in case of breaking 11,145 resistance mark

EGX30 closes at 11,125.55 points, recording increase of 2.93% last week


The Egyptian Exchange continued to rise during the last week as the benchmark index EGX30 witnessed a decent rebound during the last four consecutive sessions (451 points) wiping most of its early losses during the week before last.

Mohamed Othman, head of technical department at Pharos Holding, believes that EGX30 is heading currently to retest its previous peak at the resistance level 11,145 points, where the buying power will be examined once more.

He added that in case EGX closed above the latter resistance level, this would pave the way to reach 11,450 points.

Meanwhile, the first support level lies at 10,880 points followed by 10,680 points.

“We keep our positive point of view as long as the Index keeps trading above 10,680 points, where the chance of resuming the upward move remains high.” according to Othman.

Last week, EGX30 closed at 11,125.55 points, recording an increase of 2.93%. EGX70 EWI posted 1.54% gain concluding the last week at 2,952.72 points, while S&P index rose by 1.1% and concluded the last week at 1,863.67 points.

EGX30 capped rose by 2.61% and concluded at 13,440.49 points, while EGX100 EWI rose by 2.19% and concluded the last week at 3,954.9 points.

Total market capitalization reached EGP 732.7bn, representing an increase of 2.45% over the last week.

The total value traded recorded EGP 30.8bn, while the total volume traded reached 3,136 million securities executed over 321,000 transactions last week.

For the week before last, the total value traded recorded EGP 34.2bn, while the total volume traded reached 2,953 million securities executed over 292,000 transactions. 

Stocks trading accounted for 36.19% of the total value traded of the main market, while the remaining 63.81% were captured by bonds over the week.

Egyptians represented 89.3% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 4.7%, while Arabs captured 5.9%. 

Foreigners were net sellers, with a net of EGP 75.3m, and Arabs were net buyers, with a net of EGP 190.8m, after excluding deals in listed stocks.

Since the beginning of the year Egyptians represented 83.4% of the value traded in listed stocks after excluding deals, Foreigners accounted for 9.7%, while Arabs captured 6.9%. Foreigners were net sellers by EGP 2.624bn, and Arabs were net buyers by EGP 1.367bn, after excluding deals in listed stocks during this year since started. 

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https://dailyfeed.dailynewsegypt.com/2021/08/29/egyptian-exchange-likely-to-reach-11450-points-in-case-of-breaking-11145-resistance-mark/
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