Indices of the Egyptian Exchange (EGX) ended Thursday’s session on a positive note, powered by the buying tendency of institutions.
The market capitalization added nearly EGP 4.1 billion.
The benchmark index EGX30 rose 1.83% or 163.38 points to close at 9115.63 points. The small and mid-cap index EGX70 inched higher 0.96% or 5.77 points to 609.9 points and the broader index EGX100 ended 1.4% or 15.31 points at 1109.94 points.
Wednesday’s turnover amounted to approx. EGP 1.06 billion, while traded volume reached 333.3 million shares and number of transactions amounted to 38 thousand.
Foreign and Arab traders were net buyers by EGP 146.562 million and EGP 11.763 million respectively, while nationals were net sellers by EGP 158.325 million.
Retail traders accounted for 60.5% of total trading, with nationals and Arabs heading for heavy selling. Meanwhile, institutional traders accounted to 39.5% of trading.
OTMT was the most active in terms of traded value and volume, after more than EGP 110.3 million was generated from trading 94.5 million shares in 2115 transactions. The stock rose 3.51% to EGP 1.17.
The benchmark index EGX30 crossed the lower limit for the main upward price channel that goes along with the 89-day moving average, setting medium-term downward price target near 7700 points, said Moamen El Shayyal, head of technical analysis, Al Jazira Securities Brokerage.
He added that the index is testing the crossed price channel and the 89-day moving average.
He advised traders to hold their equities and stop loss upon closing below 8600 points and to buy upon crossing the key level of 9200 points.