The Egyptian Exchange (EGX) has been witnessing some profit-taking operations in the last week. However, the market currently takes an upward direction. The benchmark index EGX30 closed at 11,534.63 points, recording an increase of 1.91%. EGX70 EWI posted 1.97% loss concluding the last week at 2,114.97 points, while S&P index rose by 2.3% and concluded the period at 1,879.02 points. Mohamed Othman, Head of technical analysis department at Al Ahly Pharos Holding, believes that the chance of resuming the upward move to reach 11,730 points remains high, as long as the Index keeps trading above the predefined support area at 11,300 points. Meanwhile, short term investors are advised to realize some profits for the recent trades that achieved targets, while those who are heavily invested in the market may reduce marginal exposure. EGX30 capped rose by 2.24% and concluded at 13,699.34 points, while EGX100 EWI declined by 0.5% and concluded the period at 3,121.03 points. Total market capitalization reached EGP 730.2bn, an increase of 1.2% over the week. The total value traded recorded EGP 17bn, while the total volume traded reached 2.876 billion securities executed over 261,000 transactions last week. For the week before last, the total value traded recorded EGP 16bn, while the total volume traded reached 2.71 billion securities executed over 230,000 transactions. Stocks trading accounted for 64.25% of the total value traded of the main market, while the remaining 35.75% were captured by bonds over the week. Egyptians represented 70.2% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 22.2%, while Arabs captured 7.6%. Foreigners were net Sellers, with a net of EGP 109.7m, and Arabs were net buyers, with a net of EGP 51.8m, after excluding deals in listed stocks. Since the beginning of the year Egyptians represented 82.1% of the value traded in listed stocks after excluding deals, while foreigners accounted for 10.7% and Arabs captured 7.2%. Foreigners were net sellers by EGP 5.99bn, and Arabs were net buyers by EGP 2.41bn, after excluding deals in listed stocks during this year.
