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Reading: CIB pushes EGX to its highest level since July 2018
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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
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Dailynewsegypt > Blog > Business > CIB pushes EGX to its highest level since July 2018
Business

CIB pushes EGX to its highest level since July 2018

Daily News Egypt
Last updated: 2023/01/29 at 1:58 PM
By Daily News Egypt 3 Min Read
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CIB pushes EGX to its highest level since July 2018
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The Egyptian Exchange (EGX) is expected to continue it’s upward trend during the upcoming sessions, thanks to the performance of the leading stocks and the momentum that appeared in the middle of last week, which led the market to its highest level since July 2018.

The share of the Commercial International Bank (CIB) rose 4.9% to EGP 48.7 with a turnover of EGP 360.6m, and the share of Hermes also increased 4.7% to EGP 19.24 with a turnover of EGP 302.4m.

The benchmark index EGX30 increased by 1.6% to 16,440 points, which is its highest level since 4 July 2018. However, EGX70 EWI decreased by 0.05% to 2,982 points. EGX100 EWI rose by 0.08% to 4,457 points, and EGX30 Capped rose by 0.94% to 19,794 points.

The market recorded a trading value of EGP 2.3bn, through the circulation of 465.1 million shares, with the implementation of 65,400 transactions. The shares of 199 listed companies were traded, of which 57 shares rose, while the prices of 79 shares declined, and the prices of 63 shares did not change. The market capitalization of listed shares closed at EGP 1.06trn last week.

Ahmed Amin, head of the technical analysis department at 3 Way Securities Trading Company, said that the main index of the market breached the level of 16,275 points, targeting 18,500 points and then 19,200 points in the medium term.

He added that the index of small and medium-sized companies, EGX 70 EWI, confirmed the start of profit-taking operations after breaking the support level during Tuesday’s session, directing dealers to the need to move the profit protection levels, while withholding part of them to reinvest them in the coming period.

Egyptians and foreigners tended to sell, recording net EGP 131.3m and EGP 35.7m, respectively, with acquisition rates of 83.08% and 7.79%, respectively, while Arab net transactions tended towards buying, recording EGP 167m, with an acquisition rate of 9.13%.

Institutions carried out 28.1% of the transactions, heading towards buying, with the exception of foreign institutions, which recorded a net sale of EGP 36.3m, while local and Arab institutions recorded a net purchase of EGP 19.5m and EGP 147.2m, respectively.

Individuals seized 71.9% of the transactions, heading towards buying, with the exception of the Egyptians, who recorded a net sale of EGP 150.8m, and the Arabs recorded a net purchase of EGP 19.8m, while foreigners recorded a net purchase of EGP 572,000.

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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
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Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
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