Egyptian stock alert


CLOSING UPDATE: Al Ahly for Development and Investment hits 52-week low third time in one month 20 September 2018 15:10 EET


This is an end of day Alert, produced after today's Egyptian market close. It concludes the BSS News Bites intra-day Alert series (summaries below).

Al Ahly for Development and Investment, Egypt's 12th largest financial services company by market capitalisation, hit a 52-week low of LE6.58 earlier today for the third time in the past one month, but later rebounded higher to LE6.65. Trading volume was 41% of average at the end of the day. Compared with the EGX 30 Index which fell 28.8 points (or 0.2%) in the day, this represented a relative price change of -7.6%.

Technical indicators complementing today's significant downtrend:

+ The negative 0.26 MACD (Moving Average Convergence Divergence) indicator suggests a bearish signal.

+ The stock has underperformed 71% of the Egyptian market over the past 6 months.

+ In the last one month the stock has hit a new 52-week low thrice and in the last three months thirteen times, pointing to a significant downtrend.

+ The price plummeted 26.1% in the last week and 17.6% in the last month.

+ The present value of EGP1,000 invested one year ago is LE652 [vs LE1,027 for the EGX 30 Index].



The 1.1% premium to 12-month low of LE6.58 against the 54.6% discount to high of LE14.65 suggests the decline might be bottoming.


Afternoon Alert: Al Ahly for Development and Investment inches higher, resistance at 12-day EMA

20 September 2018 12:12 EET

Al Ahly for Development and Investment SAE (CA:AFDI) has jumped 6.1% but fell short of the 12-day Exponential Moving Average [EMA] of LE8.29.

Al Ahly for Development and Investment SAE (CA:AFDI; CAI:AFDI; EY:AFDI)

ISIN: EGS69021C011

PermID: 4298015069