Al-Thalathini closed negotiations this week at 0.79% against international trade pressure

Rana Mamdouh

The main index of the Egyptian stock market closed the week down 0.79%, closing at 13510 points.

This drop is the result of pressure from Arab and foreign sales on the main shares, led by Commercial International Bank (CIB), which holds the highest relative weight of the tertiary index, down 0.55% and closing at 71.9 pounds.

While the EGX70 index increased slightly by 0.02%, compared with the broader EGX100 index of 0.08%.

The volume of transactions reached EGP 447.102 billion from 170 companies through 13,408 transactions.

The stock market price of 79 companies dropped to 34%, while prices did not change 57.

The sales trend was dominated by foreign investors, with a net value of 61 242 million Egyptian pounds, including 61.034 million pounds sterling for institutions and 208.886 thousand pounds sterling for individuals.

Arab investors achieved a net turnover of EGP 812 546 000, net turnover amounting to EGP 21.258 billion, compared with EGP 20.446 million of net retail purchases.

Egyptian investors tended to buy net investors worth 62.055 million Egyptian pounds, of which 48.339 million Egyptian pounds for institutions and 13.716 million Egyptian pounds for individuals.

Egyptians accounted for 82.71% of total trade, foreigners 13.25% and Arabs 4.03%, excluding transactions.

The institutions dominated 78.44% of the trading session of the stock market during the trading session today and the rest of the transactions were made up of individuals at 21.55%.

General land development, development and reconstruction work dominated the list with the largest decline of 9.80%, followed by Trans Land for Food Industries with 8.43%, followed by South Cairo & Giza Mills and Bakeries of 7.65%.

ASEC Mining recorded the strongest growth (+ 9.76%), followed by Memphis Pharmaceuticals (6.03%), followed by Sina Pharma (5.91%).

For its part, Issa Fathy, chief executive of Cairo Securities Company, said the fluctuation of Egyptian stock market prices during the week reflected the extent of his thirst for investment incentives. and the development of new products to attract investors.

Fathi pointed out that the main factors influencing the rise in the market are the two main factors of the tax file relating to stock market transactions, as investors plan to increase their cost and high interest rate, which has encouraged most investors to invest in public debt securities.

He pointed out that the port that could allow the correction of the track is the attention paid to the new proposals being developed during the current period and the work to avoid the mistakes of previous proposals to get the new pumped liquidity desired.

He expects the market to evolve over a two week period between 13,300 and 14,000.

In a related context, Raymond Nabil, a member of the Egyptian Association of Technical Analysts (ESTA), said that expectations regarding the breakthrough of the Egyptian stock market in early September.
Nabil Raita attributed the fact that September coincides with the release of the banking sector's financial statements, which positively impacted the main stock market index due to the rise, dominated by most equities.

He added that the Egyptian Central Bank should begin discussions on interest rate cuts early in the fourth quarter.

In the near term, the market is expected to see a bearish downward trend below 14,000 and above 12,700.