Daily News Egypt

EGX-30 to range between 6,000 and 6,420 points - Daily News Egypt

Advertising Area

Advertising Area

EGX-30 to range between 6,000 and 6,420 points

EGP 4.4bn stocks traded last week

Egyptian Exchange’s (EGC) benchmark index EGX-30 is expected to continue increasing in the upcoming week, head of the technical analysis department at the National Bank of Kuwait (NBK) for investment in North Africa and the Middle East Mohamed Al-Assar said. The index will range between 6,000 at its lowest points and 6,240 at its highest points.

“The index surged in the past week and this increase is expected to continue this week as well,” Al-Assar said. He said the week will start strongly but may experience an adjustment later in the week.

EGX-30 opened at 5,986.78 points and closed at 6,202 points last week; an increase of 3.6%. Broader index EGX-100 declined by 0.88%, opening at 714.89 points, and closing at 702.13 points. There was another drop in EGX-70, the small and medium enterprises (SMEs) index, which declined by 1.8% and closed at 349.46 points.

Telecommunications shares traded through the week totalled at 308.4m, at a total value of EGP 240.3m. A total of 304m real estate stocks were traded, at a significantly higher value of EGP 729.6m.

The value of banks shares traded registered EGP 352.3m while the value of financial services shares, excluding banks, recorded EGP 292.5m.

“The total value traded recorded EGP 4.4bn, while the total volume traded was 1038m securities executed over 111,000 transactions this week,” a report issued by EGX read. Two weeks ago, the total value traded was recorded at EGP 5.1bn. “The total volume traded was 858m securities executed over 88,000 transactions,” it read.

Egyptian investors dominated the market, controlling 86.3% of the value traded last week while foreign investors accounted for 5.18%. Arab investors controlled the remaining 8.52%.

Non-Arab foreign investors were net sellers, with a net equity of EGP 96.91m while Arab investors were net buyers, with a net equity of EGP 97.55m. Since the beginning of 2016, foreign investors were net sellers with a total net equity of EGP 637.55m.

“Institutions accounted for 63.24% of the value traded, while the remaining 36.76% were for the individuals,” the report read. “Institutions were net sellers during this week, with a net equity of EGP 51.4m.”

The capital of listed stocks amounted to EGP 401bn, increasing by 2% compared to last week.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter