Abdul Hakim: Advice to take advantage of buying opportunities for stocks with good financial performance
The Egyptian Stock Exchange index rose slightly during Tuesday’s trading, supported by the improvement in the performance of the petrochemical and real estate sectors, and traders in the stock exchange favored testing the index levels of 10850 and 10900 points during the coming sessions and holding above them.
The main EGX30 index closed up by 0.15% at the close of the session on Tuesday, at 10829 points, the EGX70 EWI index fell 0.11% at 2,141 points, and the EGX 50 index rose 0.63%, to settle at 2248 points, while the EGX 30 index rose. Capped by 0.25%, to be at 13,258 points, and the EGX100 EWI Index closed 0.14% higher at 3101 points.
Mohamed Abdel Hakim, head of research at Faisal Securities Brokerage Company, said that Tuesday’s session was positive in light of the index’s continued attempts to breach the level of 10850 points.
He pointed out that the session witnessed buying from foreign institutions, in addition to good movement in some sectors, such as the petrochemical sector represented in the “Sidi Kerir” and “AMOC” shares, and the real estate sector represented in the shares of “Nasr City” and “Talaat Mostafa”, in addition to the share “the castle”.
Abdel Hakim stated that the main index of the stock exchange targets the level of 10850 points upwards and the remote target at the level of 12000 points. Sameh Gharib, head of the major clients department at Arabiya Online Securities, believes that the session began with divergence and then the emergence of purchasing powers on some stocks such as “Ezz Steel” and “Ezz Dekheila” and access to prices they have not experienced in a while.
He pointed out that the movements of some stocks came due to the news circulating on them, which pushed the index to rise even if it was by a small percentage, explaining that the support levels for the index are at 10700-10730 points, aiming to rise above the level of 10900 points and cohesion above it.
The market recorded trading values of 1.37 billion pounds, through the circulation of 489.8 million shares, through the implementation of 41.5 thousand buying and selling operations, after trading was made on the shares of 184 listed companies, of which 73 shares rose, and the prices of 67 securities declined, while 44 prices did not change. Shares, to settle the market capitalization of the listed shares at the level of 656 billion pounds.
Mohamed Kamal, Director of Institutional Trading at Al-Rowad for Securities Brokerage, said that calm controls trading during the beginning of the year.
Kamal added, that the index is still moving in the range of 10,800 points, indicating that it is trying to remain above the important resistance point at 10,850 points, and that it will reach the levels of 11,100 points after the end of the holiday season, by greatly supporting the entry of local institutions in the market.
The net transactions of the Arabs alone tended towards selling at a value of EGP 53.56 million, with 8.74% acquisition from the buying and selling of shares, while the net transactions of Egyptians and foreigners tended towards buying, recording EGP 20 million and EGP 33.45 million, respectively, with an acquisition ratio of 80.19% and 11 .07% of trades.
Individuals executed 61.01% of transactions, heading towards buying, with the exception of Egyptian individuals who recorded a net sale of EGP 18.2 million, while institutions acquired 38.98% of trades heading towards buying, with the exception of Arab institutions that recorded a net sale of EGP 73.1 million, while local and foreign institutions recorded a net Purchase of EGP 38.35 million and EGP 33.1 million, respectively.
The article “Petrochemicals” and “Real Estate” lead the cohesion of the stock market index, the highest level of 10800 points was written in the Al-Borsa newspaper.