EGX30 to cross 14700pts in the next four sessions

Thursday 26 July 2018 09:15 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Ragab Ezz El-Deen & Asmaa El-Sayed
The Egyptian Stock Exchange ended Thursday's trades on a mixed note amid heavy sell-offs led by foreign investors.
EGX30 rose by 0.09% to 15199pts, and EGX20 by 0.24% to 15044pts, while EGX70 fell by 0.14% to 734pts, the broader EGX100 by 0.08% to 1896pts, and EGX50 by 0.28% to 2553pts.
Stocks were exchanged at EGP1bn, as Egyptian institutions and Arabs  bought stocks worth EGP143.3mln and EGP16.6mln respectively, whereas Arab, foreign corporations, Egyptians and foreigners sold stocks worth EGP3.4mln, EGP17.5mln, EGP84.5mln, and EGP380,000 respectively.
Out of 175 stocks, 65 rose, 63 fell and 47 remained unchanged.
" EGX is expected to proceed with the downward trajectory in the next four sessions with the benchmark EGX30 to hover around and attempt to cross  14700pts," said head of technical analysis at Aman Securities Mohmed El-Aasr.
Any dips  for EGX's indexes  are transient, he added, advising traders to take advantage of the dips, cutting down positions, indulge in quick profit taking or curtail losses.