Friday, July 12, 2024

The major stock index tested the level of 9000 points earlier this week


By: Osama Mansoor

Hossam Eid, an expert on financial markets, said the main index EGX30 is expected to test the key resistance level at 9000 as the activity of leading stocks and the trend of Egyptian and Arab financial institutions to buy and open financial centers continues. .

He said that if selling activity appears near the key support level and the key index does not succeed in stabilizing above the 8750 level, the index may move to test the second support level at 8200 points.

He explained that the index of small and medium-sized stocks EGX70 succeeded in closing in the green zone at the end of last Thursday’s trade, trying to test the main resistance at 1700 points, but it closed up to 24.55 points. rose 1.47% to register 1693.76 points, driven by positive performance and the rise and brisk trading of most small and medium stocks. Thanks to the tendency of Egyptian individual investors to buy and open financial centers with small and medium stocks, Arab and foreign individual investors tended to sell.

The financial services sector is expected to return to the forefront of transactions as the stock market returns to action

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The combined rise in equity indices and capital was £4 billion

He pointed out that the index of small and medium stocks aims to test the key resistance at 1700 and by breaking and sustaining above it is targeting the second resistance at 1760 points.

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In the last trade of the stock market, financial institutions accounted for 32.37% of the total transactions today and individuals accounted for 67.62% of the transactions.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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