The stock market closes in the green zone by paying for purchases abroad

Rana Mamdouh

The Egyptian stock market indexes ended the week's transactions in the green zone by relying on the power of buying foreign institutions.

The main EGX30 index jumped 1% to close at 13525 points, supported by Commercial International Bank (CIB), the largest relative weight of the benchmark up 0.94% to close at 73.03 pounds.

The EGX70 and the EGX100 indexes increased by 0.35% and 0.96% respectively.

The volume of transactions amounted to £ 502.210 million for 159 companies through 14058 transactions.

The market price of 39 companies fell against an increase of 85%, while prices have not changed 35.

Foreign investors were net buyers, accounting for EGP 25.402 billion, supported by institutions with net purchases of EGP 26.261 million, compared to EGP 859.005 million, net of retail sales.

At the same time, sales were dominated by Egyptian investors and generated a net gain of EGP 22.70 million from institutions, amounting to EGP 103.970 million, compared to EGP 81.260 million for net purchases. by retail.

Arab investors generated net sales of £ 2.693 million, under pressure from institutions with net sales of £ 7.351 million, compared to £ 4.657 million net purchase of individuals.

Egyptians accounted for 77.01% of total trade, foreign investors 19.17% and Arabs 3.81%, excluding transactions.

Institutions accounted for 49.88% of today 's session and the rest, 50.11% for individuals.

The educational services of Cairo were the main winners with 9.90%, followed by the Suez Cbad Bank (9.74%) and the Islamic Bank of Abu Dhabi (Egypt) (8.65%) .

The Egyptian company for the development of the building industry – Lift Slab Misr leads with 38.10% of the declines, followed by 9.99% by Assiut Islamic National Trading and Development and 9.86% by Alexandria Portland Cement.

Adel Abdul Fattah, chairman of Themar Securities Brokerage Company, said the slight improvement in trading volumes supported the stock market shutdown during the week in the Green Zone.

"Two sectors have improved in parallel with the rise of the market: banks and technology.

And should continue to improve in next week's sessions likely to target the main resistance index of 13800 points.

Mohammed Ismail, head of technical badysis at Faisal Securities Brokerage, said the market had managed to bounce back from the main support area to 13,200 points, driven by the banking and real estate sectors.

Ismail added that the gain of the exchange of more than 200 points during the session today reflects the magnitude of the decline observed throughout the week.

He predicted that the tripartite would continue to increase at next week's sessions to test the resistance zone at 13750 points.

He noted that exceeding this level would change the market price upwards.