The “EGX30” index fails to breach the 11500 point level under selling pressure from Egyptians and foreigners

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The main stock market index failed again to surpass the level of 11,500 points in light of intense selling pressure from Egyptian and foreign investors, amid optimism of dealers for a quick will in the short term to break the resistance area and confirm the upward trend.

The main index of the Egyptian Stock Exchange, EGX30, declined by 1.07% at the close of the session on Tuesday, to the level of 11337 points, while the EGX70 EWI index fell by 0.38% to settle at 2219 points.

While the EGX50 index of equal weights declined by 0.72%, settling at 2,261 points, the EGX30 capped index declined by 1.26%, settling at the level of 13835 points, and the broader EGX100 index declined by 0.50%, stabilizing at the level of 3231 points.

Mona Mostafa, trading manager at Arabiya Online Securities, said that this week saw the beginning of the emergence of a significant sign of weakness in the market.

She added that the market was expected to continue in the sideways movement, but the entry of a long-term seller fell in the market to reach the declining trend line.

It suggested that the main index of the Stock Exchange would test the levels of 10800 and 11100 points during the coming sessions, waiting for the emergence of purchasing forces at any point between the two levels, advising investors to activate stop losses.

The market recorded trading value of EGP 1.18 billion through the execution of 40.7 thousand transactions on 468.8 million securities, through trading on 183 listed companies, of which 56 shares rose and 97 declined, while 30 shares remained unchanged.

The net transactions of the Arabs alone went towards buying at a value of 22.1 million pounds, with a ratio of 5.03% of the buying and selling of shares, while the net transactions of Egyptians and foreigners tended towards selling, recording 14.7 million pounds and 7.3 million pounds, respectively, with an acquisition ratio of 83.5%, and 11 .3% of trades.

Individuals executed 77.3% of transactions, heading towards buying, with the exception of Egyptian individuals who recorded a net sale of 22.9 million pounds, while institutions seized 22.6% of the trades heading towards buying, with the exception of foreign institutions that recorded a net sale of 13.8 million pounds.

The article “EGX30” index fails to breach the level of 11,500 points under selling pressure from Egyptians and foreigners. It was written in Al-Borsa newspaper.