Egyptian stock alert
CLOSING UPDATE: Egyptians Abroad for Investment and Development accelerates slide, now down 19.0% in 3 days 20 September 2018 15:10 EET
NEWS BITES - MIDDLE EAST & NORTH AFRICA
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).
Egyptians Abroad for Investment and Development, Egypt's 13th largest financial services company by market capitalisation, is down 59.0 qirsh (or 19.0%) over the past three trading days. After falling 3.2% on Tuesday, and 8% on Wednesday, the stock fell 9.1% on Thursday to trade at LE2.51 vs. the EGX 30 Index that is down 4.0% in the same period.
Technical indicators complementing today's significant downtrend:
+ The negative 0.15 MACD (Moving Average Convergence Divergence) indicator suggests a bearish signal.
+ In the Egyptian market, the stock's relative price strength percentile is falling at 38 for 6 months, 37 for 3 months and 9 for 1 month.
+ The price plummeted 26.6% in the last week and 29.3% in the last month.
+ The present value of EGP1,000 invested one year ago is LE633 [vs LE1,027 for the EGX 30 Index].
Afternoon Alert: Egyptians Abroad for Investment and Development continues significant downtrend, decreases 1.8%
20 September 2018 12:12 EET
Egyptians Abroad for Investment and Development Co SAE (CA:ABRD) continued its significant downtrend and decreased 5.0 qirsh (or 1.8%) to trade at LE2.71 today.
Egyptians Abroad for Investment and Development Co SAE (CA:ABRD; CAI:ABRD; EY:ABRD)