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Thursday, 21 January 2021

Market Report: EGX30 ends four-session losing streak

The main index of the Egyptian stock exchange edged up 0.8 per cent to 6.698 points after a run on the downslope

Khaled Barakat , Thursday 20 Jan 2011
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The main Egyptian index, the EGX30, ended a four-session losing streak with a slight advance after massive losses.

More than 74 million shares were exchanged through 35,000 transactions, at a total value of LE739 million.

“Stability will return again, the blue chips pushed the market higher,” said Hanafy Awad, financial analyst at Watheeqa Securities Brokerage.

“A total of 1.12 million shares of Orascom Hotels & Development (OHD) have been exchanged today in one trade at LE42.85 each, totaling LE48.007 million,” he added.

Awad expected that the positive results would lead the market to rise during the coming period, especially banks

Foreign traders were net buyers today by LE78.96 million. Conversely, Arabs were inclined to offload shares. Egyptians purchased shares at a gross value of LE493.29 million, with a sell/buy of LE73.94 million. 

Nationals were inclined to sell, dominating 63.12 per cent of total trading, while foreign and Arab traders accounted for 29.65 per cent and 7.23 per cent respectively.

Retail investors, who tended towards selling, controlled 47.32 per cent of trading, while institutional traders went on a buying spree.

Most blue chips headed north, except for EFG-Hermes that eased off 1.4 per cent to LE30.9. Egypt’s biggest lender by market capital CIB jumped 1.2 per cent to LE40. Orascom Construction Industries ranked second, inching up 0.7 per cent to LE272. It was followed by Orascom Telecom Holding that appreciated 0.48 per cent to LE4.2.

Tracking market movers, Cairo Oils and Soap soared seven per cent to LE40.4. Misr Cement (Qena) ranked second, rose seven per cent to LE109.6.

On the downward slope, Alexandria Arab Pharmaceuticals was the major loser, falling eight per cent to LE61. 4. South Cairo and Giza Mills and Bakeries came second with a loss of 2.4 per cent to LE33.2.

The EGX70, meanwhile, rose 15.8 per cent to 708 points, while the broader EGX100 pulled ahead 1.29 per cent to 1314 points.

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