By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Foreign purchases support EGX rally towards 11,800 points
Share
Notification
Latest News
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Stock Market > Foreign purchases support EGX rally towards 11,800 points
Stock Market

Foreign purchases support EGX rally towards 11,800 points

Eman Mohamed
Last updated: 2020/08/25 at 8:06 PM
By Eman Mohamed 4 Min Read
Share
A general view of the Egyptian Exchange (EGX) in Cairo August 18, 2013. Egypt's stock market fell sharply on Sunday as it resumed trading after hundreds of people were killed in a crackdown by the army-backed government on supporters of the Muslim Brotherhood. Banks and the stock market reopened for the first time since Wednesday's carnage, with shares rapidly falling 2.5 percent.
A general view of the Egyptian Exchange (EGX) in Cairo August 18, 2013. Egypt's stock market fell sharply on Sunday as it resumed trading after hundreds of people were killed in a crackdown by the army-backed government on supporters of the Muslim Brotherhood. Banks and the stock market reopened for the first time since Wednesday's carnage, with shares rapidly falling 2.5 percent. REUTERS/Louafi Larbi (EGYPT - Tags: POLITICS CIVIL UNREST BUSINESS)
SHARE

The Egyptian Exchange (EGX) closed high at the end of Tuesday’s session, in clear step towards its target of breaching the 11,800 barrier.

The surge was supported by foreign investor purchases and the rise of many leading stocks, led by the Commercial International Bank – Egypt (CIB).

The blue-chip EGX30 rose by 0.24% at the close of Tuesday session, recording 11,461 points, while the EGX70 EWI rose 0.08% to settle at 1,755 points. The EGX50 EWI declined by 0.26%, stabilising at the level of 2,014 points, whilst the EGX30 capped index declined by 0.10%, settling at the level of 13,393 points. The broader EGX100 fell by 0.04%, stabilising at the level of 2,656 points.

Mohamed Abdel Hakim, Director of the Faisal Research Unit for Securities Trading, expects that the EGX30 will breach 12,000 points as a first target, after confirming its breach of the 11,200 barrier, indicating the emergence of purchasing forces in the market.

He pointed out that the CIB share is in a position of significant market strength, and is expected to reach EGP 78 per share during the coming period.

Abdel Hakim advised investors to focus on strong sectors that give good returns, such as the banking and non-banking financial sectors, in addition to the chemicals sector.

The market recorded a trading value of EGP 1.7bn through the execution of 46,0700 transactions on 533.7 million securities, with trading occurring on 177 listed companies. Of these, 65 shares rose, 94 shares declined, while 18 remained unchanged.

Sameh Gharib, Head of Major Clients at Arabiya Online Securities Brokerage, said Tuesday’s session witnessed a discrepancy, in conjunction with the emergence of purchasing powers in the CIB share.

He explained that the CIB share was able to breach the resistance level at EGP 66.5 and the annual resistance level of EGP 68, to close at EGP 69. He indicated that the important resistance level for the stock has been marked at EGP 70.

Gharib pointed out that the EGX30 is looking to breach the 11,600 points level, then 11,800 points, with the indicator moving in an upward direction for the short term.

He advised investors to focus on portfolio-held stocks, explaining that many of the leading stocks are witnessing profit-taking, with others moving in an upward direction.

The net transactions for Egyptians tended towards sales, reflecting a total of EGP 85.2m in sales, and accounting for 76.13% of transactions. The net transactions of Arabs and foreigners tended towards buying, recording EGP 4.2m and EGP 81m, respectively, with an acquisition ratio of 5.16% and 18.7 % of trades, respectively.

Individuals carried out 69.5% of transactions, heading towards selling, with the exception of Arab individuals who recorded a net purchase of EGP 4.2m. Institutions seized 30.4% of trades heading towards selling, with the exception of foreign institutions that recorded net purchases of EGP 81.6m. Local and Arab institutions recorded net sale worth EGP 73m and EGP 5.7m respectively.

You Might Also Like

EGX starts voluntary delisting of Al-Ezz Dekheila Steel 

EGX, FRA join African Climate Summit in Kenya

EGX, FRA join ‘Financial & Digital Inclusion for Youth’ summit

EGX breaks historical records, eyes more gains in coming weeks

Top 10 brokerages control over half of EGX trading in 8M 2023

TAGGED: EGX, foreign purchases
Share this Article
Facebook Twitter Email Print
Previous Article Egypt in prime position to bounce back as leading tourist destination: UNWTO
Next Article Misr Italia to deliver first phase of Kai Sokhna in November 2020
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?