EGX30 rose to 14733pts, to target15000pts in February

Wednesday 06 February 2019 12:46 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Ragab Ezz El-Deen & Mostafa Talaat

The Egyptian Stock Exchange ended Tuesday's trades on an up note amid heavy purchases led by Egyptian investors.

EGX30 rose by 2.55 percent to 14733pts, EGX70 by 0.5 percent to 686pts, the broader EGX100 by 0.78 percent to 1745pts, EGX50 by 2.06 percent to 2356pts, and EGX30 Capped by 2.41 percent to 18652pts.

Stock trades reached EGP1.9bn, as Egyptian corporations, Arab and foreign investors bought stocks worth 392.9mln, EGP26.9mln and EGP2.3mln respectively, whereas Arab, foreign corporations and Egyptian investors sold stocks worth 53.4mln, EGP131mln and 237.7mln respectively.

Out of 183 stocks, 95 rose, 54 fell and 34 remained unchanged.

" The benchmark EGX30 main index is set to test the third resistence level around 14500pts during February, as any plunge towards the support levels of 14000pts, 13880pts and 13500pts may trigger profit-taking moves," said member of the Egyptian Analysts Association Remon Nabil.

On the other hand, manager of Osoul Securities Said El-Fiqi said that the downward moves are healthy and natural after EGX30 crossed level 14000pts as long as the index heads towards 15000pts, a move that is becoming more likely in light of forecasts suggesting the Central Bank of Egypt may lower the interest rates in mid-February.