During the week August 24-28, indices of the Egyptian Exchange (EGX) moved higher and market capitalization increased nearly EGP4.47 billion.
The benchmark index EGX30 rose 0.66% or 61.78 points to close the week at 9435.05 points, compared with 9373.27 points a week earlier.
The small and mid-cap index EGX70 also added 0.98% or 6.4 points to 658.72 points, compared with 652.32 points.
The broader index EGX100 ended the week 0.29% or 3.37 points higher at 1168.85 points, compared with 1165.48 points.
The benchmark index failed for the third successive time to shoot above the resistance level of 9500 points, although it moved slightly higher on Sunday to reach its highest price level of 9509 points. However, the index failed to stay above such a mark to move sideways in most of the week’s sessions, weighed by profit taking on some leading stocks topped by heaviest weight CIB, said Ehab Said, head of technical research, Osool Securities Brokerage.
CIB resumed its decline towards new support level near EGP 45 and then stayed above it to end Thursday’s session near EGP46.98, the analyst added.
Said also noted that EGX70 moved sideways below the primary resistance level of 666 points and above the new support level of 647 points. He added that the index was hurt by the sideways movement of most stocks, especially relatively high weight stocks in ling of suspending trading on National Real Estate Bank for Development that was a main support for the index.
According to the analyst, the week’s major events include Delta Sugar’s plan for voluntary delisting in objection of the new listing rules.
The market’s turnover fell remarkably to range between EGP600-740 million, at an average daily turnover of EGP 670 million, which is attributed to profit taking, in addition to sideways movement of most small and mid-cap stocks, the analyst elaborated.
The benchmark index EGX30 rose 0.66% or 61.78 points to close the week at 9435.05 points, compared with 9373.27 points a week earlier.
The small and mid-cap index EGX70 also added 0.98% or 6.4 points to 658.72 points, compared with 652.32 points.
The broader index EGX100 ended the week 0.29% or 3.37 points higher at 1168.85 points, compared with 1165.48 points.
The benchmark index failed for the third successive time to shoot above the resistance level of 9500 points, although it moved slightly higher on Sunday to reach its highest price level of 9509 points. However, the index failed to stay above such a mark to move sideways in most of the week’s sessions, weighed by profit taking on some leading stocks topped by heaviest weight CIB, said Ehab Said, head of technical research, Osool Securities Brokerage.
CIB resumed its decline towards new support level near EGP 45 and then stayed above it to end Thursday’s session near EGP46.98, the analyst added.
Said also noted that EGX70 moved sideways below the primary resistance level of 666 points and above the new support level of 647 points. He added that the index was hurt by the sideways movement of most stocks, especially relatively high weight stocks in ling of suspending trading on National Real Estate Bank for Development that was a main support for the index.
According to the analyst, the week’s major events include Delta Sugar’s plan for voluntary delisting in objection of the new listing rules.
The market’s turnover fell remarkably to range between EGP600-740 million, at an average daily turnover of EGP 670 million, which is attributed to profit taking, in addition to sideways movement of most small and mid-cap stocks, the analyst elaborated.
Source:
Mubasher Exclusive
