Head of the technical analysis department at the National Bank of Kuwait for investment in North Africa and the Middle East Mohamed Al Aasar expected trading in the Egyptian stock exchange (EGX) would be between 5,500-5,950 points after it suffered from losses during last week’s trading.
Al-Aasar believed the market will achieve an increase of 5,790-5,800 points on Sunday compared to 5,713 points by the end of trading last week. Egypt is indirectly affected by oil prices and the extent of this effect depends on the responsiveness of Gulf stock exchanges to changes in the situation of oil on a global level.
He expected indicators of small and medium stock shares (EGX70) would range between 335-355 points during the trading of this week.
In terms of global depositary receipts trading (GDR), Al Aasar believed that CIB’s shares will move between $3.55 and $3.80, while OTMT’s shares will move between $0.57 and $0.65, and Gobal Telecom between $0.98 and $1.18.
Managing Director of Al-Tawfeek Financial Mohamed Fathallah said investors will begin trading this week bearing in mind the fifth anniversary of the revolution and the declne of oil prices by 10.5% on Friday recording $32.18 per barrel.
He expected the Egyptian Exchange to reflect the positive move of oil prices, which indicates that they will go up again hence improving the performance of the Gulf markets and the Egyptian stock exchange.
Movement indicators and values of trading last week:
|Index||Last Week||Two Weeks||Change|
|Total||EGP 4bn||EGP 2.6bn||51.1%|
|Market capitalisation||EGP 430bn||EGP 426bn||-0.9%|
Investors last week
|Investors||Market Share %||Net Transactions|
+ indicate net purchases
– indicate net sales