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EGX continues trading above support level, increasing chance of resuming upward move - Daily News Egypt

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EGX continues trading above support level, increasing chance of resuming upward move

The benchmark index in the Egyptian Exchange (EGX30) has closed at 11,056.27 points, recording a decline of 2.17% for the week. The index was still above its support level of 10,900 points, and it managed to form a higher low pattern. Meanwhile, the bullish scenario suggests that EGX30 will rise to the resistance level of …


The benchmark index in the Egyptian Exchange (EGX30) has closed at 11,056.27 points, recording a decline of 2.17% for the week.

The index was still above its support level of 10,900 points, and it managed to form a higher low pattern. Meanwhile, the bullish scenario suggests that EGX30 will rise to the resistance level of 11,120 points.

Mohamed Othman, head of technical analysis department at Pharos Holding, sees that the focus is currently directed to the resistance level 11,120 points which is considered a short-term trigger.

A successful breach above the latter level would pave the way to retest 11,200 followed by 11,300 points.

Meanwhile the consistency of trading above the support level 10,900 points increases the chance of resuming the upward move.

EGX70 EWI posted 7.58% loss concluding the last week at 2,807.74 points, while S&P index declined by 4.41% and concluded the period at 1,845.45 points.

EGX30 capped declined by 1.85% and concluded at 13,441 points, while EGX100 EWI declined by 6.45% and concluded last week at 3,795.37 points.

EGX 30 index capped declined by 1.85% and concluded at 13,441 points, while EGX 100 EWI index declined by 6.45% and concluded last week at 3,795.37 points.

Total market capitalization reached EGP 721.2bn at the end of period, representing a decrease of 3.29% over the last week.

The total value traded recorded EGP 21.6bn, while the total volume traded reached 2,360 million securities executed over 258 thousand transactions last week.

For the week before last, the total value traded recorded EGP 23.5bn, while the total volume traded reached 3,020 million securities executed over 285,000 transactions. Stocks trading accounted for 33.61% of the total value traded of the main market, while the remaining 66.39% were captured by bonds over the last week.

Egyptians represented 90.0% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 4.9%, while Arabs captured 5.1%. Foreigners were net buyers, with a net of EGP 82.7m, and Arabs were net buyers, with a net of EGP 48.7m, after excluding deals in listed stocks.

Since the beginning of the year Egyptians represented 83.7% of the value traded in listed stocks after excluding deals, Foreigners accounted for 9.5%, while Arabs captured 6.8%. Foreigners were net sellers by EGP 2.454bn, and Arabs were net buyers by EGP 1.456bn, after excluding deals in listed stocks during this year.

Topics: EGX trading

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https://dailyfeed.dailynewsegypt.com/2021/09/11/egx-continues-trading-above-support-level-increasing-chance-of-resuming-upward-move/
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