The Egyptian Stock Exchange .. a week full of fluctuations that ends on gains

The Egyptian Stock Exchange indicators ended the trading of the second week of February with a positive performance despite the sharp fluctuation, as the main index EGX30 witnessed a transverse movement between 32,220 points as a weekly resistance and 29,000 points as a strong support zone, in which purchasing powers appeared that supported the index and restored its balance.

Performing indicators

The week’s index started at a slight decline, but it succeeded in absorbing the selling pressure and wore again to close at 29,997 points, indicating the market cohesion and its ability to settle over the vital support areas, which enhances expectations with a new rise during the upcoming sessions.

As for the EGX70 index, the week started at the level of 8,700 points as a weekly resistance, before it was subjected to strong sales pressure that paid about 8,200 points, which represented an important support level, with noticeable purchases that emerged that brought the index to 8,400 points by the end of the week.

This fluctuation reflects the continued activity of speculation on small and medium stocks, but at the same time it confirms that the market still has a strong purchasing momentum at the main support levels, which enhances the chances of climb during the upcoming sessions.

The winning sectors: real estate in the lead

The market sectors witnessed a strong activity during the week, as the real estate sector exports the scene, registered the highest trading volumes, which reflects the interest of investors in this vital sector, due to the presence of positive moves on some leadership shares in the sector, in addition to stimulating factors related to demand for housing and commercial projects.

Followed by the basic resources sector, which has witnessed a remarkable improvement in liquidity, driven by the high demand for stocks related to minerals and heavy industries, which indicates continued optimism about the future performance of these companies.

As for the non -banking financial services sector, it ranked third in terms of activity, as the major shares in the sector witnessed a balance between supply and demand, with high trading levels, which reflects investor confidence in the financial stocks, especially with positive expectations regarding the results of the business of listed companies .

Future expectations: more expected improvement

Based on the performance of the market during the past week, expectations indicate the possibility of a positive performance during the next week, with more rises for the main indicators.

For EGX30, the experiment may return at the level of 30,500 points as a first station, and if it is successfully penetrated, it may target the level of 32,000 points, which is the weekly resistance that he could not overcome during the past sessions. On the other hand, the main support remains at 29,500 points, followed by 29,000 points as an important location for the market, which proved its strength during the sessions last week.

As for EGX70, it is expected to witness attempts to climb about 8,700 and then 8,800 points, with support continues at 8,400 levels and then 8,300 points, which are likely to attract more liquidity during the upcoming sessions.