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EGX-30 to range between 5,850 points and 6,150 points: Capital market analyst Total value of traded securities recorded EGP 2.8bn, an official report issued by the EGX read
The Egyptian Exchange (EGX) benchmark index EGX-30 is expected to continue to fluctuate within the same 250-point range for the third consecutive week due to a scarcity of stocks, a capital market analyst predicted. "EGX-30 will vary between 5,850 points and 6,150 points," head of the technical analysis department at the National Bank of Kuwait (NBK) for investment in North Africa and the Middle East Mohamed El-Asaar said. El-Asaar previously stated the downward trend in the capital market, which started in January, will affect indices in the medium term. The analyst predicted that the market will break out of the 250-point range it has been confined to in previous weeks, expecting the market to fall out of this range next week. During the week of 21 January, the capital market increased by 2.27%, opening at 5,944.47 points and closing at 6,079.13 points. The small and medium enterprises (SMEs) index EGX-70 posted a small gain of 0.16% to close at 349.94 points, while the broader index EGX-100 rose by 2.18% to close at 719.75 points. "The total value [of] traded [securities] recorded EGP 2.8bn, while the total volume traded reached 855m securities executed over 100,000 transactions this week," an official report issued by EGX read. "Stocks trading accounted for 64.5% of the total value traded of the main market, while the remaining 35.5% were captured by bonds over the week." The value of traded securities for the week of 14 January totaled EGP 5.5bn. "The Egyptians controlled 85.99% of the value traded during the week. Non-Arab foreign investors accounted for 10.53%, while Arab investors captured 3.48%," the EGX report said. "Non-Arab foreign investors were net sellers, with a net equity of LE 31.13 million, and Arab investors were net buyers, with a net equity of LE 32.11 million [sic]." Institutions dominated the trading, accounting for 55.58% of the value traded while individuals account for the remaining 44.42%. At the end of the week of 21 January, the total market capitalisation of the listed stocks amounted to EGP 390bn.
