Gharib: The decline in speculative shares weakens the performance of the “Septuagint”
Al-Kurdi: Important resistance awaits the 30-point index at 10,800 points
Traders in the stock exchange expected that the stock market would continue its rise in the coming sessions, motivated by the positive performance of some of the leading stocks, and the subscription of “E-Finance”, and that the index would try to reach the level of 11,000 points by the end of the week’s sessions, after breaching the level of 10,700 points, with the improvement of the performance of the leading stocks and on the They are headed by the Commercial International Bank share and the “Fawry” share.
The main index of the Egyptian Stock Exchange, EGX30, closed with an increase of 0.65% at the end of Tuesday’s session, stable at the level of 10,783 points, while the EGX70 EWI index declined by 0.14% to settle at the level of 2,679 points.
The EGX50 index of equal weights recorded an increase of 0.35%, stable at the level of 2296 points, and the “EGX30 capped” index rose by 0.64% and closed at the level of 13,114 points, and the broader EWI EGX100 index ended the session at the same opening level at 3630 points.
Sameh Gharib, Head of Senior Clients Department at Arabia Online Securities Brokerage Company, said that the performance of the main index of the Stock Exchange on Tuesday’s session is positive, with its closing in the green zone despite the weak trading.
He pointed out that the index exceeded the level of 10,700 points that was targeted during the last period, with the support of the movements of the “Fawry” and “International Commercial” stocks, by reaching good price levels.
Gharib pointed out that the first resistance to the index is at 10950 points, and advised investors to focus on stocks with good performance and open new buying positions on those stocks.
He explained that the seventy index is weaker than the thirty due to the weakness of speculative shares, and he expected the support level for the seventy at 2550 points and the resistance at 2800 points.
The market recorded trading values of 811.03 million pounds, through the circulation of 306.2 million shares, by implementing 32.5 thousand buying and selling operations, after trading on the shares of 199 restricted companies, 69 of which rose, and the prices of 64 securities declined, while the prices of 66 shares did not change. Others, to settle the market capitalization of the listed shares at the level of 707.2 billion pounds.
Mustafa Al-Kurdi, group head of the Arab African Securities Brokerage Company, indicated that he was very optimistic about the subscription of “i-Finance”, coinciding with several positive news that would stimulate the market, such as government offerings, pointing to the need to decide on the issue of capital gains taxes by postponing or canceling them, especially in The expected propositions.
Al-Kurdi added that the thirtieth index awaits an important resistance at the level of 10800 points, expecting that if it is broken, it will reach 11200 points as an initial target.
He pointed out that the seventy index is still in a corrective wave until the levels of 2470-2500 points, coinciding with the decline in its performance in the recent period, and advised investors to stay away from marginal buying in the current period.
Net transactions of Arabs alone tended to buy at a value of 852.2 million pounds, with a 32.12% acquisition rate of buying and selling shares, while the net transactions of Egyptians and foreigners tended to sell, recording 808.18 million pounds and 44.1 million pounds, respectively, with an acquisition rate of 63.3%, 4.5% of trades.
Individuals carried out 37.19% of the transactions, heading towards selling, with the exception of Arab individuals who recorded a net purchase of 61.8 million pounds, and Egyptian and foreign individuals recorded a net sale of 65.1 million pounds and 681.1 thousand pounds, respectively.
While institutions captured 62.8% of the trading, heading towards selling, with the exception of Arab institutions, which recorded a net purchase of 790.4 million pounds, while local and foreign institutions recorded a net sale of 743.01 million pounds and 43.4 million pounds, respectively.
The article “International Trade” and “Fawry” support the main index in breaching the level of 10,700 points, which was written in Al Borsa newspaper.