The Egyptian Exchange (EGX) will test this week its ability to confirm the breach of the resistance area of 11,700 points upwards, as confirmation of its breach will target the level of 12,000 points. The benchmark index EGX30 closed at 11,755.46 points last week, recording an increase of 0.75%. EGX70 EWI posted a 2.79% gain, concluding the period at 2,191.06 points, while the S&P index rose by 0.68%, ending the period at 1,915.76 points. Mohamed Othman, Head of technical analysis department at Al Ahly Pharos, said that the major resistance level of 11,730 points will be an important test to the buying power. "Our point of view remains the same as long as the Index keeps trading above the support level 11,400 points. Meanwhile, short term investors are advised to hold while trailing their protective stop to the nearest support level for each stock separately," according to Othman. EGX30 capped rose by 0.74% and concluded at 14,052.66 points, while EGX 100 EWI rose by 2.09% and concluded the period at 3,232.55 points. Last week, the total trading volume recorded EGP 23.5bn through over 191,000 transactions on 1.645 billion securities. For the week before last, the total trading volume recorded EGP 19.4bn through 207,000 transactions on 2.084 billion securities. Stocks trading accounted for 46.14% of the total value traded on the main market, while the remaining 53.86% were captured by bonds over the last week. Egyptians accounted for 75.7% of the value traded in listed stocks after excluding deals. Foreigners accounted for 16.8%, while Arabs captured 7.6%. Foreigners were net sellers, with a net of EGP 353.1m, and Arabs were net buyers, with a net of EGP 39.1m, after excluding deals in listed stocks. Egyptians represented 81.8% of the value traded in listed stocks after excluding deals during 2021, while foreigners accounted for 10.9%, and Arabs captured 7.3%. Foreigners were net sellers by EGP 6.656bn, and Arabs were net buyers by EGP 2.236bn, after excluding deals in listed stocks during this year.
