EGX needs consistent buying power to sustain further advances

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The Egyptian Exchange (EGX) needs a consistent buying power in order to sustain further advances, according to Mohammed Othman, Head of the Technical Analysis Department at Pharos Holding. 

Meanwhile, the first minor support level to watch lies at 10,670 points. Should there be a failure to maintain above the latter level, this would then pave the way for a further decline to the next support level at 10,550 points. 

Othman added that short term players may lock in some profits for the recently opened trades that achieved or approached their target levels.

The main EGX 30 index closed at 10,731.96 points, recording a decline of 0.33%, whilst the EGX70 EWI index posted a 3.11% gain concluding the period at 2,229.15 points. The S&P index rose by 1.68%, and concluded the last week at 1,737.1 points.

The EGX 30 index capped rose by 1.35% to conclude at 13,223.48 points, while the EGX 100 EWI index rose by 2.72%, and concluded the last week at 3,181.12 points.

Total market capitalisation reached EGP 671.9bn at end of period, representing a decrease of 0.04% over the last week.

The total value traded recorded EGP 17bn, while the total volume traded reached 2,917 million securities executed over 231,000 transactions last week. 

For the week before last, the total value traded recorded EGP 10.6bn, while the total volume traded reached 1,041 million securities executed over 107,000 transactions.

Stocks trading accounted for 43.36% of the total value traded of the main market, while the remaining 56.64% were captured by bonds over the week.

Egyptians represented 77.5% of the value traded in listed stocks after excluding deals during the period, whilst Foreigners accounted for 15.1%, and Arabs captured 7.4%. Foreigners were net sellers, with a total of EGP 270.9m, and Arabs were net buyers on EGP 189.5m, after excluding deals in listed stocks. 

Since the beginning of the year, Egyptians represented 82.7% of the value traded in listed stocks after excluding deals, whilst Foreigners accounted for 10.5%, and Arabs captured 6.8%. Foreigners were net sellers by EGP 1,198.3m, and Arabs were net buyers by EGP 888.7m, after excluding deals in listed stocks during this year since started.

The post EGX needs consistent buying power to sustain further advances appeared first on Daily News Egypt.

Source: egyptianstreets