IMF approves $1.5m loan to Bangladesh    China in advanced talks to join Digital Economy Partnership Agreement    Comera Financial Holding, Beltone Holding forge strategic partnership for Egypt's digital leap    Egypt's trade balance deficit rises 0.7% in Feb. – CAPMAS    Chimps learn and improve tool-using skills even as adults    13 Million Egyptians receive screenings for chronic, kidney diseases    Al-Mashat invites Dutch firms to Egypt-EU investment conference in June    Asian shares steady on solid China trade data    Trade Minister, Building Materials Chamber forge development path for Shaq El-Thu'ban region    Cairo mediation inches closer to Gaza ceasefire amidst tensions in Rafah    Taiwan's exports rise 4.3% in April Y-Y    Microsoft closes down Nigeria's Africa Development Centre    Global mobile banking malware surges 32% in 2023: Kaspersky    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Egypt, World Bank evaluate 'Managing Air Pollution, Climate Change in Greater Cairo' project    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EGX sees downturn amid low trading volume
Published in Daily News Egypt on 03 - 04 - 2024

The Egyptian Exchange (EGX) experienced a downturn following a brief surge, as profit-taking and sales, predominantly by Egyptian and Arab investors, led to a decline. The market's momentum was hindered by low trading volumes and insufficient buying power.
Sameh Gharib, head of the senior clients department at Arabeya Online, noted that selective purchasing in certain stocks resulted in uneven market movement. He observed that small and medium-sized enterprise stocks were more agile than those in the main index.
Gharib attributed Tuesday's downturn to profit-taking after Monday's sharp increase, suggesting it doesn't necessarily predict future declines.
He forecasts a modest drop in Wednesday's early trading, followed by a recovery, aiming for the 28,500-point mark, with a subsequent target of 29,500 points. The main index's secondary and primary support levels are at 2,700 and 26,300 points, respectively.
The EGX30 index fell by 1.28% to 27,934.36 points, while the EGX70 EWI saw a minor decrease of 0.05% to 6,400.39 points. The broader EGX100 EWI dropped by 0.32% to 9,096.59 points, and the EGX30 Capped declined by 1.04% to 34,113.15 points.
Mohamed Freij, head of technical analysis at ElSuk Brokerage, mentioned the market's short-term lateral trend, with the 70-point index outperforming the 30-point index and aiming for 6,800 points, considering the 7,100-point level pivotal.
Freij highlighted the petrochemical sector's gradual improvement, with promising prospects for Sidi Kerir, KEMA, and the Alexandria Mineral Oils Company (AMOC) stocks, alongside a positive outlook for the real estate sector.
The market's trading value stood at EGP 2.9bn, with 577.2 million shares traded across 90,900 transactions involving 207 listed companies. By the end, 69 stocks rose, led by Arab Real Estate Investment (ALICO) at 19.94%.
Conversely, 72 stocks declined, with GB Corporation dropping the most by 6.38%. The prices of 66 stocks remained unchanged, and the market capitalization reached EGP 1.87tn.
Egyptian and Arab investors leaned towards selling, with net transactions totalling EGP 87.1m and EGP 105.5m, respectively, while foreign investors were net buyers at EGP 192.6m.
Individuals conducted 70.79% of transactions, with foreign individuals buying net EGP 5.4m. Conversely, Egyptian and Arab individuals sold net EGP 64.4m and EGP 10,500, respectively.
Institutions represented 29.2% of trades, with Egyptian and Arab institutions selling net EGP 22.6m and EGP 94.9m, respectively, while foreign institutions bought net EGP 187.18m.


Clic here to read the story from its source.