By Ahmed Allam:
Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) ended Thursday’s session on a mixed note, while market capitalization gained around EGP 875 million ($122 million) backed by Arab buying.
Having fluctuated during the day, the benchmark index EGX30 ended with a slight decline by 0.3% or 24 points to 8740.12 points.
Although the market shut on a down note, the sideways movement continued between 8650 and 8950 points, said Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage.
He added, in a phone interview with Mubasher, that the index will likely continue its sideways movement for a few coming sessions between 8650 and 8950 points till the market recovers and head north early in 2015.
The small and mid-cap index EGX70 went up 0.14% to 558.63 points and the broader index EGX100 ended 0.47% higher at 1072.07 points.
The analyst also indicated that today’s traded volume was modest and was focused on small and mid-cap stocks, which signals the inflow of fresh liquidity on those stocks shrugging of the benchmark trend.
Thursday’s traded volume amounted to 120 million shares, while traded value reached EGP 370.6 million.
Market capitalization rose approx. EGP 875 million (more than $122.4 million) to reach EGP 494.024 billion.
Arab traders were net buyers by EGP 11.7 million, while national and foreign traders were net sellers by EGP 6 million and EGP 5.7 million respectively.
Thabet also said the telecom sector accounted for the biggest portion of today’s traded volumes that were concentrated on leading stocks. As OTMT stayed above EGP 1.27, Telecom Egypt above EGP 11.70 and Global Telecom above EGP 3.70, it is expected that the sector will rise in 2015 with strong liquidity.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) ended Thursday’s session on a mixed note, while market capitalization gained around EGP 875 million ($122 million) backed by Arab buying.
Having fluctuated during the day, the benchmark index EGX30 ended with a slight decline by 0.3% or 24 points to 8740.12 points.
Although the market shut on a down note, the sideways movement continued between 8650 and 8950 points, said Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage.
He added, in a phone interview with Mubasher, that the index will likely continue its sideways movement for a few coming sessions between 8650 and 8950 points till the market recovers and head north early in 2015.
The small and mid-cap index EGX70 went up 0.14% to 558.63 points and the broader index EGX100 ended 0.47% higher at 1072.07 points.
The analyst also indicated that today’s traded volume was modest and was focused on small and mid-cap stocks, which signals the inflow of fresh liquidity on those stocks shrugging of the benchmark trend.
Thursday’s traded volume amounted to 120 million shares, while traded value reached EGP 370.6 million.
Market capitalization rose approx. EGP 875 million (more than $122.4 million) to reach EGP 494.024 billion.
Arab traders were net buyers by EGP 11.7 million, while national and foreign traders were net sellers by EGP 6 million and EGP 5.7 million respectively.
Thabet also said the telecom sector accounted for the biggest portion of today’s traded volumes that were concentrated on leading stocks. As OTMT stayed above EGP 1.27, Telecom Egypt above EGP 11.70 and Global Telecom above EGP 3.70, it is expected that the sector will rise in 2015 with strong liquidity.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
