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Expected profits in Egyptian Exchange this week after strong rise of some leading stocks - Daily News Egypt

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Expected profits in Egyptian Exchange this week after strong rise of some leading stocks

Market going through temporary state for 2 months, we approach its upper limit: Beltone’s Agina


Dealers in the Egyptian Exchange (EGX) expected that market will witness short-term profit-taking after the strong rise of some leading stocks, and the issuance of some decisions related to taxes on transactions.

The benchmark index EGX30 rose by 1.6% at the closure of trading last week, reaching 11,301 points, while EGX70 EWI rose by 2.9% to settle at 3,038 points.

Mohab Agina, Head of Technical Analysis at Beltone Financial, expected the main index to continue its sideways performance, which has been going on for two months, between the levels of 11,200 – 10,500 points. There is a possibility of penetrating the upper limit of this area and testing the level of 11,500 points in the short term in the coming sessions.

Dealers who have portfolios of stocks in the market stressed the importance of waiting and closing the buying positions on the margin completely, and gradually increasing the purchasing positions as the rise above the level of 11,200 points is confirmed.

EGX30 capped rose by 1.9%, stable at the level of 13,694 points, and the broader EGX100 rose by 2.6%, stable at the level of 4056 points.

Mohamed Ismail, head of the technical analysis department at Roots Securities Trading Company, said that EGX30 capped is trading in a short-term bullish trend, and witnessed a good rise that breached its previous peak around the 13,400 points area, paving the way for further rising to complete the bullish trend, targeting the main resistance area 14,300 points, It is now based at 13,700 points.

He explained that the same situation is happening to the index of small and medium enterprises, as the index is trading in a short-term bullish trend, achieving historical prices. It reached the level of 3,015 points, which stopped this rise and is trading below in a sideways corrective movement, and between the level of 2,900 points, which represents a level to protect profits on the short term, while the next target will be around 3,150 points, in case the resistance is breached upwards.

The market recorded a trading value ​​of EGP 23.5bn at the end of last week, through the trading of 3 billion shares, by implementing 285,000 buying and selling operations, compared to the previous week’s trading, which amounted to EGP 30.8bn and the amount of 3.1 billion shares traded, through 321,000 operations, to stabilize the market capital For listed shares at the level of EGP 745.7bn.

Foreign recorded net purchases of EGP 86.6m, with 7.5% acquisition of shares from selling and buying of shares. Arabs made purchases for a net amount of EGP 40.2m, and an acquisition of 6.2%, excluding deals. 

Shares accounted for 48.3% of the trading on the EGX last month, while the value of bond trading represented about 51.7% of the transactions.

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https://dailyfeed.dailynewsegypt.com/2021/09/05/expected-profits-in-egyptian-exchange-this-week-after-strong-rise-of-some-leading-stocks/
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