Experts: Expectations to target the main index at the level of 10 500 points during this week’s sessions

Financial market experts expected that the Egyptian Stock Exchange indices would rise during this week’s sessions, and that the main index would target the level of 10,500 points in the short term.

They also said the petrochemical and real estate sector is expected to perform positively, which will be reflected in the Egyptian Stock Exchange sessions this week.

Mohamed Atta, director of trading at Universal Securities, expected the Egyptian stock market indices to continue to rise during this week’s sessions, especially after rising at the end of last week’s sessions, and the main index of the market to target 10,500. . point barrier, with the continued positive performance of the petrochemical and real estate sectors by The weekly performance of the index and the increase in liquidity injection rates, whether of institutions or individuals, especially with the increase in confidence of traders within the market.

The Director of Trading at Universal Securities Brokerage went on to say that this is in addition to continuing the positive performance of the EGX70 Small and Medium Stocks Index, which reaches the 2000-point barrier.

He added that the Egyptian stock exchange indices had seen an increase from midweek sessions to the end of the Thursday session, explaining that the main stock exchange of the Egyptian stock exchange, egx30, started last week with declines affected by the decline of the leading stock exchanges. shares and the scarcity of liquidity to rise again in the middle of Tuesday’s session.

He continued that the index then continued its rise until the end of Thursday’s session, which closed the 30th index unchanged and managed to cross the 10,000-point limit as a psychological barrier for traders, in addition to the 10 200-point resistance level through the end of the Wednesday session so that it was able to maintain it by the end of the weekend session amid a good performance. For leading stocks in various sectors, including the real estate sector, petrochemicals and non-bank financial services.

Atta noted that the performance of the EGX70 index has been positive since the beginning of the week, amid a strong selective purchase of individuals in the market with strong small and medium shares, especially the injection of liquidity at low price levels, at 1857 points.

He recommended that traders buy in the market in times of maturity and pump the gradual liquidity into three phases while retaining some of the liquidity and staying away from fast trading to achieve higher profitability.

The Egyptian Stock Exchange made a profit of 13 billion pounds during last week’s trading, closing the market capitalization of shares listed in the domestic market at 673 billion pounds, compared to 559 billion pounds during last week’s trading, an increase of 2 , 14%.

In turn, Hanan Ramses, a financial market analyst at Freedom for Securities, expected the positive performance of the main stock of the Egyptian Stock Exchange to continue, reaching the level of 10,500 points as a first phase, especially with the start of entry . liquidity in all indicators and the formation of institutions for the purchase of centers, explains that in the event that the requirements of investors are met In the prevention of administrative procedures limited trading, the indices will return to their upward trend.

She said that after a few weeks of decline, either in the performance of indicators or in trading values, which in some sessions had reached less than 300 million pounds.
However, some sessions of the past week have prevented the indicators from continuing to decline and breaking the main support areas.

The indices have continued to consolidate since Monday’s session after reaching their lowest points in months, with trading values ​​falling to £ 400 million, which has been affected by the performance of some leading stocks such as the Commercial International Bank.

A financial market analyst at Freedom for Securities explained that the performance of the leading stocks is largely affected by global crises such as inflation and the Russian-Ukrainian crisis.

He added that the Egyptian indices were affected during the week by the decline in foreign exchange reserves, which were used to pay the installments and government bonds, but the indicators started moving positively during the Tuesday session, in support of the circulating news on the change of some influencers on the performance of the financial markets to stop the codes and cancel operations, as well as the decline in share prices due to exemptions Customs duties for many industrial, commercial and agricultural requirements, in addition to the interest in the investment file by the state.

“Ramses” said that the indicators began to move to their main resistance levels, which contributed to the reversal of the bullish trend, explaining that the market was able to return to make gains and that despite the instability of performance and the decline of the thirty in Thursday’s session, some sessions in which trade crossed the one billion pound mark.

She concluded that the market does not have a lack of liquidity, but rather the return of confidence between the market parties until the crisis is over and the indicators return to their upward trend.

The EGX30 index closed at 10,235 points at the end of the week, an increase of 2.2%, while the EGX70 of parallel weights recorded an increase, ending the period at 1 857 points , a rise of 7%, while the S&P index rose 3.1%, closing the period at 1677 points.

As for the EGX30 restricted index, it recorded an increase of 2.4%, closing at 12,606 points, while the EGX100 EWI index recorded an increase of about 6%, closing the period at 2,765 points has.

Leave a Comment