The Egyptian Exchange’s CIB-Beltone deal  (EGX) benchmark index, EGX-30, is expected to range between 7,250 and 7,650 points this week. After this week, however, the movement of the index will be determined by the fate of the CIB-Beltone deal.

“These are the numbers the index has varied within during the past three weeks,” said Mohamed El-Asaar, head of the technical analysis department at the National Bank of Kuwait (NBK) for investment in North Africa and the Middle East.

The EGX-30 opened the past trading week at 7,478.7 points and closed at 7,463.1 points, declining by 0.21%. The broader index, EGX-100, opened at 776.87 points while it closed at 794.49 points, a 2.27% surge. The small- and medium-sized enterprises index, EGX-70, closed the trading week at 374.75 points, a 3.92% increase compared to the initial 360.63 points.

“If the CIB-Beltone deal is finalised by the end of the week, we can expected the EGX-30 to reach 8,200 points,” the analyst added. “If this doesn’t happen then there might be a notable correction in the market.”

The EGX stated that the total value traded was EGP 4.1bn, compared to EGP 6.1bn recorded the week before.

“Stock trading accounted for 71.73% of the total value traded of the main market, while the remaining 28.27% were accounted for by bonds over the week,” the EGX’s official report read.

“Egyptians controlled 84.05% of the value traded during the week,” the EGX said. “Non-Arab foreign investors accounted for 8.17%, while Arab investors took 7.78%, after excluding deals.”

Arab and foreign investors were net buyers during the week.

Institutions accounted for 49.83% of the value traded, while the remaining 50.17% were traded by individuals.

“The total market capitalisation of the listed stocks culminated at EGP 407bn at the end of this week, representing an increase of 1% over the week,” the EGX said.