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EGX to see bullish signal when breaching above 10,710 points with relatively high volumes: Expert - Daily News Egypt

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EGX to see bullish signal when breaching above 10,710 points with relatively high volumes: Expert

EGX30 closed at 10,536.39 points, recording increase of 0.18% last week


The Egyptian stock market still suffers from low trading volumes due to the absence of serious buyers so far.

Muhammad Othman, Head of technical analysis department at Al Ahly Pharos, believes that the likelihood of witnessing more rebounding attempts remains intact as long as the benchmark index EGX30 keeps trading above the support area between 10,350 – 10,280 points.

He added that the first bullish signal appears in case of a successful breach above 10,710 points with relatively high volumes.

Othman advises investors to hold as long EGX30 keeps trading above the previous month low at 10,280 points and to adopt more conservative discipline to control their risk.

Last week, EGX30 closed at 10,536.39 points, recording an increase of 0.18%. EGX70 EWI posted 2.2% loss concluding the last week at 2,662.81 points, while S&P Index declined by 0.45% and concluded the period at 1,779.67 points.

EGX30 capped declined by 0% and concluded at 12,884.99 points, while EGX100 EWI declined by 1.72% and concluded the period at 3,608.62 points.

Total market capitalization reached EGP 699bn last week, representing a decrease of 0.61% over the last week. 

The total value traded recorded EGP 21.3bn, through 146,000 transactions on 4,798 million securities.

For the week before last, the total value traded recorded EGP 19.9bn, through 220,000 transactions on 2,245 million securities. 

Stocks accounted for 46.92% of the total value traded on the main market, while the remaining 53.08% were for bonds trading. 

Egyptians represented 80.7% of the value traded in listed stocks after excluding deals. Foreigners accounted for 12.0%, while Arabs captured 7.3%. Foreigners were net Sellers, with a net of EGP 181.7m, and Arabs were net buyers, with a net of EGP 115m, after excluding deals in listed stocks.

Egyptians represented 83.6% of the value traded in listed stocks after excluding deals YTD, while Foreigners accounted for 9.6%, and Arabs captured 6.7%. Foreigners were net sellers by EGP 2.9bn, and Arabs were net buyers by EGP 2.038bn, after excluding deals in listed stocks. 

Topics: EGX

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