Monday, April 19, 2021

“Foreign sales” lead the main stock market index to decline near the support level of 10500 points

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Gharib: Expectations of similar performance among stock market indices in the coming period

Kamal: Investor fears are causing the downside to 10800

Led sales of foreigners in the stock market trading in conjunction with the decline in the shares of “International Commercial” and “Urgent“Stock market indices collectively declined in the session on Wednesday, and traders expected the index to consolidate at the current support level in the weekend session.

The main index of the stock exchange declined EGX30 By 1.61% at the close of the session to the level of 10566 points, and the EGX70 EWI index declined by the end of the session by 0.99% to settle at the level of 1968 points, and the EGX50 index of equal weights decreased by 0.98%, stabilizing at the level of 2033 points, and the “EGX30 capped” index declined by 1.46% stable. At 12891 points, the broader EGX100 index declined by 1.06%, settling at 2909 points.

Sameh Gharib, head of major clients at Arabiya Online Securities Brokerage, said that the Wednesday session in general witnessed a decline affected by the decline in the shares of “International Commercial” and “Fawry”.

He explained that “Commercial International” closed at the end of the session the highest level of 58 pounds, in addition to the increase in net sales of foreigners compared to past periods, which affected the decline of the main index of the stock exchange.

Gharib pointed out that the rest of the blue-chip stocks did not drop at the same rate as the main index, as buying began appearing in “Nasr City” and “Heliopolis.”

He indicated that the main index will witness attempts to consolidate above the support level of 10500 points in the weekend session, while the index of the seventies approached the support levels at 1950-1960.

Net foreign transactions tended to sell at a value of EGP 144.2 million, with a percentage of 21.16% of the buying and selling of shares, while the net dealings of Egyptians and Arabs tended towards buying, recording 81.19 million pounds and 63.09 million pounds, respectively, with a percentage of acquisition of 68.9% and 9. 9% of trades.

Individuals carried out 63.8% of transactions, heading towards all purchases, led by Arab individuals who recorded a net purchase of 73.2 million pounds, while institutions seized 36.18% of trades heading towards selling, with the exception of local institutions that recorded a net purchase of 28.6 million pounds, and Arab and foreign institutions registered A net sale of EGP 10.13 million and EGP 150.5 million, respectively.

Gharib expected that the seventieth index will consolidate at the support levels and then the trend to rise. It is likely that the coming period will witness similar performance among the indicators, unlike the past periods, which witnessed a marked discrepancy between their performance.

Gharib advised investors to reduce margin purchases, and to deal with each stock separately due to the difference in performance between stocks and activate the stop-loss point at the level of 10300 points.

The market recorded trading value of 1.16 billion pounds through the implementation of 36.8 thousand transactions executed on 554.7 million securities, through trading on 185 listed companies, of which 49 shares rose, 101 shares declined, while 35 shares remained unchanged.

Mohamed Kamal, Director of Institutional Trading at Al-Rowad for Securities Trading, said that the main index of the Egyptian Stock Exchange fell during the last period and rebounded from the level of 11200 points, then 10800 points, then 10200 points, again reaching the level of 10800 points.

He added that the index broke down the level of 10800 points due to a state of investor apprehension as well as tensions in the region, which affected the markets in general.

Kamal favored the stability of the main index at the highest level of 10500 points in today’s session, advising investors to stay away from margin buying and maintain the ratio of cash 60% and 40% of shares in the portfolio.

The article “Foreign Sales” is leading the main stock market index to decline near the support level of 10,500 points, was written in the Al-Borsa newspaper.

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