Indices of the Egyptian Exchange (EGX) ended Monday’s session on a mixed note and market capitalization shed around EGP 3 billion, weighed by selling pressures from local and Arab institutions and Arab retail traders.
The benchmark index EGX30 fell 1.22% or 104.25 points to close the session at 8471.15 points. The small and mid-cap index EGX70 rose 0.30% or 1.83 points to 612.94 points and the broader index EGX100 inched lower 0.01% or 0.11 point to 1082.16 points.
Market capitalization lost around EGP 3.005 billion to reach EGP 488.859 billion, compared with EGP 491.864 billion on Sunday.
Monday’s session saw continued profit taking after the benchmark index reach resistance level of 8640 points, said Sameh Gharib, head of technical analysis, Roots Stock Brokerage House.
He expected the profit taking wave to continue on Tuesday, noting that the benchmark will likely target next resistance levels as long as it stays above 8400 points.
According to the analyst, the benchmark will face resistance at 8640 points, then 8800 points, while support levels stand at 8400 points, then 8250 points. The benchmark is still moving sideways in the short term.
The stock market and the Egyptian Financial Supervisory Authority (EFSA) have agreed to cancel the precautionary measures applied after the January 25 Revolution.
Accordingly, the stock market will resume the ‘Price Discovery Session’ system as of August 7. In addition, price limits will be set for all stocks on EGX at 10% and for Nilex at 5% during the same session. The bourse also announced that trading hours after Ramadan will be increased to 4 and half hours. Thus, the market will open at 10:00 a.m. and close at 2:30 p.m.
EGX Mohamed Omran said the move came due to stability at the domestic levels, adding that removing the precautionary measures assures investors that the market has recovered from the recent slump and that domestic conditions have improved.
Omran expressed optimism about the market over the coming period, noting that extending trading hours will boost securities investment.
Monday’s turnover stood at more than EGP 398.99 million, generated from exchanging 96.55 million shares in 14,000 transactions.
Institutions accounted for 84.13% of total trading, while retail traders made up the remaining 15.86%.
EGX indices shut Sunday’s session on a down note, hurt by the central bank decision to raise interest rates, as well as the selling pressures from local institutions and Arab and foreign retail traders.
Market capitalization lost around EGP 2.4 billion to reach EGP 491.864 billion, compared with EGP 494.224 billion last week.
The benchmark index EGX30 fell 0.72% or 62.44 points to close at 8575.4 points. The small and mid-cap index EGX70 went down 0.66% or 4.05 points to 611.11 points. The broader index EGX100 sagged 0.67% or 7.3 points to 1082.27 points.
The benchmark index EGX30 fell 1.22% or 104.25 points to close the session at 8471.15 points. The small and mid-cap index EGX70 rose 0.30% or 1.83 points to 612.94 points and the broader index EGX100 inched lower 0.01% or 0.11 point to 1082.16 points.
Market capitalization lost around EGP 3.005 billion to reach EGP 488.859 billion, compared with EGP 491.864 billion on Sunday.
Monday’s session saw continued profit taking after the benchmark index reach resistance level of 8640 points, said Sameh Gharib, head of technical analysis, Roots Stock Brokerage House.
He expected the profit taking wave to continue on Tuesday, noting that the benchmark will likely target next resistance levels as long as it stays above 8400 points.
According to the analyst, the benchmark will face resistance at 8640 points, then 8800 points, while support levels stand at 8400 points, then 8250 points. The benchmark is still moving sideways in the short term.
The stock market and the Egyptian Financial Supervisory Authority (EFSA) have agreed to cancel the precautionary measures applied after the January 25 Revolution.
Accordingly, the stock market will resume the ‘Price Discovery Session’ system as of August 7. In addition, price limits will be set for all stocks on EGX at 10% and for Nilex at 5% during the same session. The bourse also announced that trading hours after Ramadan will be increased to 4 and half hours. Thus, the market will open at 10:00 a.m. and close at 2:30 p.m.
EGX Mohamed Omran said the move came due to stability at the domestic levels, adding that removing the precautionary measures assures investors that the market has recovered from the recent slump and that domestic conditions have improved.
Omran expressed optimism about the market over the coming period, noting that extending trading hours will boost securities investment.
Monday’s turnover stood at more than EGP 398.99 million, generated from exchanging 96.55 million shares in 14,000 transactions.
Institutions accounted for 84.13% of total trading, while retail traders made up the remaining 15.86%.
EGX indices shut Sunday’s session on a down note, hurt by the central bank decision to raise interest rates, as well as the selling pressures from local institutions and Arab and foreign retail traders.
Market capitalization lost around EGP 2.4 billion to reach EGP 491.864 billion, compared with EGP 494.224 billion last week.
The benchmark index EGX30 fell 0.72% or 62.44 points to close at 8575.4 points. The small and mid-cap index EGX70 went down 0.66% or 4.05 points to 611.11 points. The broader index EGX100 sagged 0.67% or 7.3 points to 1082.27 points.
Source:
Mubasher Exclusive
