This image will be automatically disabled when it gets reported by several people.
Recent market rebound leads EGX towards 10,700 points resistance level Since beginning of year, Egyptians have represented 83.0% of value traded in listed stocks after excluding deals
The recent market rebound has led the Egyptian Exchange (EGX) to reach the 10,700 points resistance level, with the markets facing some reluctance. This came despite bulls earlier failing to keep their advances, causing the EGX to lose most of its early gains to close at 10,600 points. Mohamed Othman, Head of Technical Analysis at Pharos Holding, said that the benchmark index EGX30 is expected to reach the 10,700 points resistance level. In case it fails to maintain above the resistance level, this would pave the way for further decline to 10,440 points. On the other hand, the next resistance level to watch lies at 10,935 points. "Short term traders may lock in trades that achieved or approached their target levels," Othman added. The EGX30 closed at 10,600.07 points, recording an increase of 4.5%, whilst the EGX70 EWI posted a 10.48% gain, concluding the period at 2,011.75 points. Meanwhile, the S&P index rose by 4.07%, and concluded the period at 1,701.59 points. The EGX30 capped rose by 3.49% and concluded at 12,893.34 points, while the EGX100 EWI rose by 8.32% and concluded the period at 2,942.05 points. The total value traded recorded EGP 12.1bn, while the total volume traded reached 2,331 million securities executed over 174,000 transactions last week. For the week before last, the total value traded recorded EGP 23.1bn, while the total volume traded reached 2,369 million securities executed over 178,000 transactions. Stocks trading accounted for 36.48% of the total value traded of the main market, while the remaining 63.52% were captured by bonds over the last week. Egyptians represented 79.2% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 13.4%, while Arabs captured 7.4%. Foreigners were net buyers, with a net of EGP 88.0m, and Arabs were net buyers, with a net of EGP 68.6m, after excluding deals in listed stocks. Since the beginning of the year, Egyptians have represented 83.0% of the value traded in listed stocks after excluding deals, whilst Foreigners accounted for 10.2%, and Arabs captured 6.7%. Foreigners were net sellers by EGP 713.1m, and Arabs were net buyers by EGP 513.6m, after excluding deals in listed stocks during this year.
