Indices of the Egyptian Exchange (EGX) shut in the negative territory on Thursday, while market capitalization gained nearly EGP 125 million.
The benchmark index EGX30 inched lower 0.17% or 14.59 points to close below the 8800 barrier at 8797.29 points.
The small and mid-cap index EGX70 shed 0.48% or 2.83 points to 592.48 points and the broader index EGX100 ended 0.05% or 0.57 point lower at 1077.31 points.
Mountasir Madbouly, head of technical analysis, GB Trade, said the benchmark index fell in previous sessions to test of 8500 points, which was a key support level that stopped the index slide and helped it rebound towards 8800 points.
The 8800-8850 area is a strong resistance that may not be crossed from the first time, especially amid weak traded volume and lack of economic catalysts, according to the analyst. He also said the index will target 9000 then 9300 provided it stays above 8800 mark.
Thursday’s turnover amounted to nearly EGP 678 million, while traded volume reached 244.5 million shares and number of transactions totaled 30.6 thousand.
Foreign and Arab traders were net buyers by EGP 51.2 million and EGP 1.7 million respectively, while nationals were net sellers by EGP 52.9 million.
Retail traders accounted for 68.1% of total trading, while institutions made up the remaining 31.9%.
OTMT was the most active in terms of traded value and volume, after more than EGP 95.5 million were generated from exchanging 89.6 million shares in 2559 transactions. The stock rose 4.85% to EGP 1.07, after the news that Naguib Sawiris assumed the position of CEO in place of Ahmed Abo Doma who resigned for personal reasons.
The benchmark index EGX30 inched lower 0.17% or 14.59 points to close below the 8800 barrier at 8797.29 points.
The small and mid-cap index EGX70 shed 0.48% or 2.83 points to 592.48 points and the broader index EGX100 ended 0.05% or 0.57 point lower at 1077.31 points.
Mountasir Madbouly, head of technical analysis, GB Trade, said the benchmark index fell in previous sessions to test of 8500 points, which was a key support level that stopped the index slide and helped it rebound towards 8800 points.
The 8800-8850 area is a strong resistance that may not be crossed from the first time, especially amid weak traded volume and lack of economic catalysts, according to the analyst. He also said the index will target 9000 then 9300 provided it stays above 8800 mark.
Thursday’s turnover amounted to nearly EGP 678 million, while traded volume reached 244.5 million shares and number of transactions totaled 30.6 thousand.
Foreign and Arab traders were net buyers by EGP 51.2 million and EGP 1.7 million respectively, while nationals were net sellers by EGP 52.9 million.
Retail traders accounted for 68.1% of total trading, while institutions made up the remaining 31.9%.
OTMT was the most active in terms of traded value and volume, after more than EGP 95.5 million were generated from exchanging 89.6 million shares in 2559 transactions. The stock rose 4.85% to EGP 1.07, after the news that Naguib Sawiris assumed the position of CEO in place of Ahmed Abo Doma who resigned for personal reasons.
Source:
Mubasher Exclusive
