The EGX30 index continued its rise during last week sessions closing at 11,506.63 points, recording an increase of 3.36%. To that effect, EGX analysts remained bullish that EGX will continue to rise this week.
Mohamed Othman, head of the technical analysis department at Pharos Holding, said that the EGX rise was mainly led by the bullish performance of some blue-chip stocks, namely Commercial International Bank Egypt (COMI.CA), Fawry For Banking Technology And Electronic Payment (FWRY.CA), and Egypt Kuwait Holding (EKHO.CA).
However, Othman believes that the likelihood to resume the upward move remains high, as long as the Index keeps trading above 11,360 points. Should the index manage to sustain its advances with relatively high volumes and an improvement of the market breadth this would pave the way to reach 11,670 points.
He added that we advise the investors to adhere to a conservative discipline to control their risk; by trailing the protective stop level for each stock separately until a consistent buying power reappears.
Last week, the EGX70 EWI index posted a 4.48% loss to close at 2,305.37 points, while EGX 100 EWI index declined by 2.68% to close at 3,299.42 points.
On the other hand, the blue-chip EGX 30 index rose by 1.86% to close at 13,695.15 points.
Total market capitalization reached EGP 746.3bn at end of the period, representing An increase of 0.57% over the last week.
The total value traded recorded EGP 18.6bn, while the total volume traded reached 2,778 million last week.
For the week before last, the total value traded recorded EGP 27.2bn, while the total volume traded reached 2,415 million securities executed over 208,000 transactions.
Stocks trading accounted for 41.31% of the total trading value, while bonds constituted the remaining 58.69% over the week.
Egyptians represented 79.1% of the value traded in listed stocks after excluding deals during the period.
Foreigners accounted for 10.7%, while Arabs captured 10.3%. Foreigners were net sellers, with EGP 387.1m, and Arabs were net buyers, with a net of EGP 22.5m, after excluding deals in listed stocks.
Since the beginning of the year, Egyptians represented 83.3% of the value traded in listed stocks after excluding deals, foreigners accounted for 9.8%, and Arabs 6.9%.
Foreigners were net sellers by EGP 4,680.4 million, and Arabs were net buyers by EGP 1,895.9 Million, after excluding deals in listed stocks since the start of the year.
