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Will EGX get rid of selling pressure; go up towards 11,750 points this week? - Daily News Egypt

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Will EGX get rid of selling pressure; go up towards 11,750 points this week?

The benchmark index EGX30 closed at 11,499.85 points last week, recording a decline of 1.98%. The EGX70 EWI also posted a 3.56% loss, concluding at 2,130.11 points, while the S&P index declined by 2.68% and concluded the period at 1,848.27 points.


The Egyptian Exchange has declined to 11,500 points due to the selling pressure during the last week, and if this situation continued this week, the market would go down towards the next support level of 11,350 points.

In the event the market rises, the first resistance level will be at 11,670 points, followed by 11,750 points.

The benchmark index EGX30 closed at 11,499.85 points last week, recording a decline of 1.98%. The EGX70 EWI also posted a 3.56% loss, concluding at 2,130.11 points, while the S&P index declined by 2.68% and concluded the period at 1,848.27 points.

Total market capitalisation reached EGP 740.8bn last week, representing a decrease of 2.13% over the week before last.

Mohamed Othman, the Head of the Technical Analysis Department at Al-Ahly Pharos Holding, said that should the index manage to hold and rebound, then the first resistance level will be 11,670 followed by 11,750 points.

On the other hand, in case of failure to maintain above the predefined 11,500 point-support level, then this would drag the index to 11,350 points. In light of the current market conditions, we advise our investors to wait for a new buy signal and reduce positions at any rebounding attempt until we see a clear and consistent buying power.

The EGX30 capped also declined by 2.27% and concluded at 13,604.46 points, while the EGX 100 EWI declined by 3.26% and concluded last week at 3,126.72 points.

The total value traded recorded EGP 33.1bn, while the total volume traded reached 1.292 billion securities executed over 125,000 transactions last week.

For the week before last, the total value traded recorded EGP 23.8bn, while the total volume traded reached 1.326 billion securities executed over 154,000 transactions.

Stocks trading accounted for 9.58% of the total value traded of the main market, while the remaining 90.42% were captured by bonds over the week.

Egyptians represented 67.1% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 22.9%, while Arabs captured 10.0%. Foreigners were net sellers, with a net of EGP 93.2m, and Arabs were net sellers with a net of EGP 13.8m, after excluding deals in listed stocks.

Since the beginning of the year, Egyptians represented 75.2% of the value traded in listed stocks after excluding deals, while foreigners accounted for 15.3%, and Arabs captured 9.5%.

Foreigners were net sellers by EGP 483.5m, and Arabs were net buyers by EGP 8.1m after excluding deals in listed stocks.

Topics: EGX

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https://dailynewsegypt.com/2022/01/29/will-egx-get-rid-of-selling-pressure-go-up-towards-11750-points-this-week/
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