Monday, March 1, 2021

“Egx30” aims to re-test the level of 11600 points during the week’s sessions

Facebook
Twitter
Pinterest
WhatsApp
Telegram

Must Read

Real estate registration: Transferring ownership requires filing a validity and enforcement lawsuit only, and registration fees range from 500 to 2000 pounds

Yaqoot: The real estate registry is waiting for the legislation document that will start work through it Jamal Yaqout, head...

‘I’d rather miss the Olympics than get the vaccine,’ says sprinter Yohan Blake – Prime Time Zone

The declaration of the athlete, who is considered one of the fastest in history, came shortly after participating in...

Marawan: The government is preparing a project to end the entanglement of collecting tax on real estate transactions between “finance” and “real estate registration”

Counselor Amr Marawan, Minister of Justice, said that the Ministry of Finance agreed, through a cabinet meeting today, to...

Abdel Fattah: We need to be wary of speculative stocks in order to maintain gains

Kamal: Expectations are for the tripartite index to rise and to re-test 11600-11650 points

The week’s sessions witnessed fluctuations between the ups and downs with a noticeable improvement in trading volume, and the EGX30 main index failed to breach the 11600-point barrier, and traders expected that the index would try to re-test the target levels during the current week and hold above them.

The main index of the Egyptian Stock Exchange fell 0.45% during last week’s sessions, to close at 11546 points, and the broader EGX100 EWI index rose 1.4% to the level of 3488 points.

The EGX70 EWI index for small and medium stocks rose by 1.75% to close at 2452 points, and the egx30 capped index rose 0.66%, closing at 14,258 points.

Adel Abdel Fattah, Chairman of the Board of Directors of Themar Securities Brokerage Company, said that the main index is trying to cross the resistance area at 11,600 points, after it was able to break it twice, pointing out that the performance of the “Trade International” and “Hermes” shares will help the index to overcome it.

He added that the seventieth index is still leading the scene in the Egyptian Stock Exchange and captures the largest share of individual trades, pointing out the need to be wary of speculative stocks to preserve the achieved gains.

Abdel Fattah indicated that there are sectors in the Egyptian Stock Exchange that are likely to rise strongly during the coming period, such as the non-banking financial services sectors and the banking sector, especially after the recent news about the acquisitions, as well as the real estate sector, which is waiting for an opportunity to rise.

The market capital reached last week, 707.9 billion pounds, up by 0.22% from last week’s 706.3 billion pounds. Shares accounted for 47.6% of the total trading value, while bonds grabbed 52.3% of the transactions.

Mohamed Kamal, Director of Institutional Trading at Al-Rowad for Securities Trading, said that the main index of the stock exchange tried during the past week to breach the level of 11800 points as an important resistance several times and his attempts failed.

He explained that the index stabilized by the end of the week near the level of 11,600 points, indicating that the market had rebounded in the weekend session from the support level at 11450 points, in conjunction with high trading values.

Kamal expects that the market will continue this week’s rise, which it has been following for some time, explaining that the 30th index is eligible for testing again at 11600-11650 points, while the seventieth index targets the level of 2500 points.

He advised investors not to be deceived in market trading, not to use margin at the present time, to maintain a liquidity ratio in the portfolio, to use it in a timely manner, and to deal with the principle of each session separately from the other.

The market recorded a trading value of 24.1 billion pounds, through the circulation of 4.5 billion shares, through the implementation of 286 thousand buying and selling operations, compared to transactions of 21.7 billion pounds at the end of the week before last, on 3.1 billion shares executed through 273 thousand operations.

Egyptians accounted for 86.8% of transactions in the stock exchange, while foreigners accounted for 6.3% and Arabs accounted for 7% after excluding deals. Foreigners recorded a net sale of 153.3 million pounds at the end of the week’s transactions, while Arabs recorded a net sale of 84.6 million pounds during the same period, after Exclusion of trades.

It is worth noting that Egyptian transactions represented 84% of the trading value of the listed shares since the beginning of the year after excluding deals, while foreigners scored 8.8% and Arabs scored 7.3%.

The article “egx30” aims to re-test the level of 11600 points during the week’s sessions. It was written in Al-Borsa newspaper.

Facebook
Twitter
Pinterest
WhatsApp
Telegram

Latest News

Real estate registration: Transferring ownership requires filing a validity and enforcement lawsuit only, and registration fees range from 500 to 2000 pounds

Yaqoot: The real estate registry is waiting for the legislation document that will start work through it Jamal Yaqout, head...

More Articles Like This

“Egx30” aims to re-test the level of 11600 points during the week’s sessions