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EGX eyes breaking 11,500 points resistance level
Published in Daily News Egypt on 04 - 12 - 2021

Stock market experts have said that the Egyptian Exchange (EGX) has the chance to break the resistance level of 11,500 points as long as its keeps trading above November's low 11,180 points.
The benchmark index EGX30 closed at 11,318.35 points, recording a decline of 0.99%st week. EGX70 EWI posted a 3.59% gain concluding the last week at 2,157.56 points, while S&P index rose by 0.8% and concluded the period at 1,835.82 points.
Mohamed Othman, Head of technical analysis at Al Ahly Pharos, said the first resistance level to watch lies at 11,500 points.
If EGX30 breached its latest level, it would pave the way to retest 11,700 points, he added.
Accordingly, he advised short-term investors to be highly selective regarding outperformed shares, while trailing the protective stop to the nearest support according to each stock separately.
Last week, EGX30 capped declined by 0.94% and concluded at 13,399.28 points, while EGX100 EWI rose by 2.52% and concluded the week at 3,136.69 points.
The market capitalization reached EGP 721.7bn. The total value traded last week recorded EGP 16bn through 230,000 transactions on 2.7 billion securities. As for the week before last, the total value traded was EGP 10.7bn through 188,000 transactions on 1.7 billion securities.
Stocks accounted for 39.68% of the total value traded on the main market, while bonds constituted the remaining 60.32% over the last week.
Egyptians made 69.2% of the value traded in listed stocks after excluding deals. Foreigners accounted for 22.8%, while Arabs captured 8.0%. Foreigners and Arabs were net sellers with a net of EGP 288.2m and EGP 11.4m, respectively, after excluding deals in listed stocks.
Since the beginning of the year, Egyptians accounted for 82.4% of the value traded in listed stocks after excluding deals, while foreigners had 10.4% and Arabs 7.1%. Foreigners were net sellers by EGP 5.88bn, while Arabs were net buyers by EGP 2.35bn, after excluding deals in listed stocks during this year.

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