Liquidity concentration in speculative stocks extends the duration of the sideways performance of the EGX30 index

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Mustafa: Expectations of a high turnover of funds among the shares of EGX70EWI this week

Dealers in the Egyptian Stock Exchange expected that the main index will move in a transverse range between 10,400 and 11,300 points, with the continued concentration of liquidity in speculative shares, and a decrease in the volume of transactions of the leading stocks at the same time, which activates the fast trades in the market more.
The main index of the Egyptian Stock Exchange EGX30 rose slightly by 0.07% at the end of yesterday’s session, stable at the level of 10649 points, and the EGX70 EWI index rose by 1.03% to settle at the level of 2792 points.
Mona Mustafa, director of trading at Arabia Online Securities Trading Company, suggested that the main index will complete its accidental performance, with the continued decline in the trading values ​​of its component shares and the concentration of liquidity in speculative shares, provided that the transverse range is between the levels of 10400 points – 11300 points.
She explained that the rate of liquidity turnover among the shares of the SME index will be high, provided that the upcoming sessions during the current week will witness a test of the resistance levels.
The EGX50 index of equal weights recorded an increase of 0.64%, stable at the level of 2354.4 points, the “EGX30 capped” index rose by 0.35%, stable at the level of 13062.9 points, and the broader EWI EGX100 index rose by 0.7%, stable at the level of 3748.4 points.
Ahmed Abu Al-Yazid, head of the technical analysis department at Okaz Securities Brokerage Company, said that the main index, if it is confirmed that it has breached the level of 10600 points in the coming sessions, needs high trading values ​​to stabilize above, and to continue rising towards the level of 11200 points.
He stressed that the awakening of speculative shares performance will lead the index of small and medium companies to the level of 2850 points, then the level of 3000 points.
The market recorded trading values ​​of 1.17 billion pounds, through the circulation of 425.68 million shares, by carrying out 45.1 thousand buying and selling operations, after trading on shares of 195 restricted companies, 76 of which rose, and prices of 60 securities declined, and the prices of 59 other shares did not change, to stabilize The market capitalization of listed shares reached 712.07 billion pounds, gaining about 3.04 billion pounds during the session.
The net transactions of foreigners alone tended to sell at a value of 41.74 million pounds, with a rate of 3.22% of buying and selling transactions on shares, while the net transactions of Egyptians and Arabs tended to buy, recording 32.3 million pounds and 9.4 million pounds, respectively, with an acquisition rate of 93.28%. and 3.5% of transactions.
Individuals carried out 89% of the transactions, heading towards buying all, led by Egyptian individuals, who recorded a net purchase of 17.86 million pounds, and Arab and foreign individuals recorded a net purchase of 11.2 million pounds and 47.5 thousand pounds, respectively.
While institutions captured 11% of the trading and headed towards selling, with the exception of Egyptian institutions, which recorded a net purchase of 14.4 million pounds, while Arab and foreign institutions recorded a net sale of 1.75 million pounds and 41.8 million pounds, respectively.

The article, focusing on liquidity in speculative stocks, extends the duration of the sideways performance of the EGX30 index. It was written in Al Borsa newspaper.