Cairo – Mubasher: The Egyptian Exchange gave a positive performance over the last week backed by foreign investors' buying momentum.

The main index EGX30 ended the week 0.42% higher to the mark of 7,531 points.

Likewise, the small and mid-cap index EGX70 rose by 2.06% to 374 points.

The broader index EGX100 climbed 1.72% to 785 points.

The EGX20 capped index also closed 2.09% up to 7,712 points.

Total turnover grew to EGP 9.9 billion from EGP 4.4 billion a week ago, while total shares changing hands hit 905 million ones over 89,000 transactions against 1,012 million shares over 106,000 transactions last week.

Market capitalization gained around EGP 2 billon to stand at EGP 403.9 billion against EGP 401.9 billion last week.  

Tracking investors’ movement, nationals, foreign investors, and Arabs carried out 94.03%, 4.29%, and 1.67% of the total accepted transactions.

Foreign investors were net buyers by EGP 57.40 million, while Arab investors were net sellers by EGP 8.46 billion.

It is worth mentioning that foreign investors have been net buyers by EGP 57.40 million since the beginning of 2016. Meanwhile, Arab investors have been net sellers by EGP 8.46 million.

In this context, the main gauge kept moving sideways in a narrow channel over the last week and ended the week near the mark of 7,500 points for the third straight week, said Ehab Said, head of technical research at Osool Securities Brokerage. Such repetitive closing signifies that the stock market lacks momentum in the trading race.

Unlike EGX30, the small and mid-cap index EGX70 succeeded in breaking the resistance mark of 372 points, moving closer to its previous target at 377 points, said the analyst.

Ehab expected EGX30 to target the support area falling between the mark of 7,330 and 7,270 points, adding that the main index, if steadied over the former mark, will likely retest the previous resistance mark of 7,700 points.

Meanwhile, the small and mid-cap index EGX70 is more likely to target the scale of 377 points and then to re-test the level of 383 points, Ehab concluded.