EGX-30 to range between 7,300 and 7,750 points

Daily News Egypt
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(AFP Photo)

The performance of the Egyptian Exchange’s benchmark index (EGX) is expected to range between 7,300 and 7,750 points during the coming trading week.

The price of Citadel Capital’s stock is expected to range between EGP 1.45 and EGP 1.65 while the price of Ezz Steel’s stock is expected to range between EGP 9 and EGP 10.20, head of the technical analysis department at the National Bank of Kuwait (NBK) for investment in North Africa and the Middle East Mohamed El-Asaar said.

“During the past week we have seen the prices of some stocks surge while these remained somewhat stable,” El-Asaar said. “However, this week the price of these stocks is predicted to surge.”

The price of Orascom Telecom Media and Technology Holding’s shares (OTMT) will range between EGP 0.75 and EGP 0.85.

El-Asaar added that this wave of increases will not hit all the EGX’s shares.

The stock market analyst said that around mid-week the prices will experience a correction and the EGX-30 could inch down.

Last week, the Egyptian Exchange benchmark index EGX-30 inched up by 0.84% to reach 7548.2 points while the small- and medium-sized enterprises index EGX-70 surged by 1.45%, registering 367 points. The broader index EGX-100 increased by 1.09% and reached 792 points.

“EGX-20 capped index rose by 2.12% and concluded the week at 7,921 points,” the EGX said in an official report.

The EGX added: “the total value traded was recorded at EGP 6.6bn, while the total volume traded reached 2,255m [2.25bn] securities executed over 176,000 transactions this week.”

During the week beginning 13 March, the value of traded shares totalled EGP 6.7bn.

The majority of the transactions over the past week were made by Egyptians, controlling 81.3% of the value traded. Foreigners accounted for 9.83% while Arabs accounted for the remaining 8.84%.

“Non-Arab foreign investors were net buyers, with a net equity of EGP 20.38m, and Arab investors were net buyers, with a net equity of EGP 256.69m,” the report said.

Non-Arab foreign investors were net sellers, with a net equity of EGP 442.97m since the beginning of 2016, the report highlighted.

“During this week, the institutions accounted for 36.38% of the value traded, while the remaining 63.62% were for the individuals,” the report said. “The institutions were net sellers during this week, with a net equity of EGP 38.48m.”

The total market capitalisation of the listed stocks amounted to EGP 406bn by the end of the past trading week.


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