Sunday, April 18, 2021

Foreign sales lead the stock market indices for collective declines … and EGX30 drops 1%

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Al-Masry: The Stock Exchange is witnessing signs of the end of the descending wave and the beginning of the reversal of the general trend

Sales of foreign institutions led the stock market indices to decline in the beginning of the week’s session. The main index of the Egyptian Stock Exchange closed EGX30 Down by 1.4% to close the Sunday session, settling at 10417 points, while the EGX70 EWI index rose by 1.02% at 1993 points.

Yasser Al-Masry, managing director of the Arab African Securities Brokerage Company, suggested that the main market index should target the level of 11,500 points at the end of this month, as the market shows signs of the end of the descending wave and the beginning of a new bullish wave during the month of Ramadan.

He stressed that some of the leading stocks and the petrochemical sector have become at attractive price levels, which will attract institutional liquidity in the coming period, provided that the rise of the index of small and medium-sized companies depends on the continuation of speculation and news related to these stocks in the coming period.

He explained that the collective declines in yesterday’s Sunday session were behind a wrong understanding of the statement issued by the Chairman of the Financial Supervision Authority to allow investment fund management companies to manage the financing of purchases on margin, as the news is positive for the market and does not harm the interests of dealers from near or far.

The EGX50 index of equal weights recorded a decline of 1.5%, stabilizing at the level of 2032 points, and the “EGX30 capped” index fell by 1.4%, stabilizing at the level of 12756 points, and the broader EWI EGX100 index rose by 1.2%, stabilizing at the level of 2927 points.

The market recorded the trading value of 789.2 million pounds, through the circulation of 484.9 million shares, through the implementation of 36.2 thousand buying and selling transactions, after trading on the shares of 187 listed companies, of which 47 shares rose, and the prices of 99 securities declined, while the prices of 41 shares did not change. Others, to stabilize the market capitalization of the listed shares at the level of 646.02 billion pounds.

Abdel Fattah: The liquidity of the EGX70 EWI Index has decreased compared to last year

Adel Abdel Fattah, Chairman of Themar Securities Brokerage Company, expected that the decline in liquidity, in the EGX70 EWI index, would lead to continued fluctuation in performance in the coming period, in addition to negative news on some of its shares.

It is likely that the market will test in the coming sessions the level of 10300 – 10400 points, on the condition that it rebounds from it by supporting the decline in trading volumes and values ​​in times of collective declines, and re-pumping the differences in allocating an education company offering during the next week.

The net dealings of foreigners tended towards selling at a value of 16.2 million pounds, with a percentage of the acquisition of 2.9% of the buying and selling of shares, while the net dealings of Egyptians and Arabs tended towards buying, recording 12.6 million pounds and 3.6 million pounds, respectively, with a ratio of 92.1% and 5% acquisition. Of trades.

Individuals carried out 90.3% of transactions, heading towards all purchases, led by Egyptian individuals who recorded a net purchase of 15.1 million pounds, while institutions seized 9.7% of trades heading towards selling, with the exception of Arab institutions that recorded a net purchase of 279.9 thousand pounds, while the institutions registered Local and foreign net sales of 2.5 million pounds and 22.8 million pounds, respectively.

The article Foreign sales lead the stock indexes to collective declines … and the EGX30 falls 1%, it was written in the Al-Borsa newspaper.

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