EGX30 to go up tomorrow, property companies to fare well

Wednesday 01 August 2018 08:55 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Gehad Salem
Analysts predicted EGX30 to move upwards during tomorrow's trades and some stocks to dwindle.
EGX30 and EGX70 target 16000pts and 755pts levels respectively.
EGX30 ended today's  trades on an up note, as it rose by 0.58% to 15670pts, EGX70 by 0.44% to 747pts and the broader EGX100 by 0.40% to 1937pts.
" EGX30 is expected to rise to 16000pts level until mi-August in continuation of  a currently-prevailing rallying as long as it manages to stay above 15600pts level," said member of the Egyptian Association of Technical Analysis Remon Nabil.
With EGX30 rebounding to 15670pts today in continuation of short-term surging trend, scattering profit-taking moves may come along, he added, predicting the real estate sector to fare well tomorrow and petrochemicals to follow suit next week.
Regarding EGX70, Nabil said that closing higher at 747pts may drive the index to target the resistance level of 755pts.
" EGX70's performance remains weak in comparison with the main index on account of declining general trading volumes on the long run although EGX70, affected by selected stocks' rallying,  has out-performed  last week's trades," said he.  
 Egyptians and foreigners led heavy purchases worth EGP5.58mln and EGP17.88mln respectively, as foreigners sold stocks worth EGP23.46mln.
Egyptians, Arabs and foreigners bought stocks worth EGP33.69mln, EGP9.86mln and EGP1.97mln respectively.
The Egyptian and foreign  corporations posted sales worth EGP28.11mln and EGP25.44mln, whereas the Arabs corporations bought stocks worth EGP8.01mln.