Egyptian stock alert
CLOSING UPDATE: Egyptian Electrical Cables continues significant uptrend, jumps 8.5% 19 October 2017 15:06 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).
Egyptian Electrical Cables, Egypt's 7th largest industrial goods, services & automobiles company by market capitalisation, continued its significant uptrend and jumped 8.0 qirsh (or 8.5%) to trade at LE1.02 today. Compared with the EGX 30 Index which rose 123.5 points (or 0.9%) in the day, this represented a relative price increase of 7.6%.
Technical indicators complementing today's significant uptrend:
+ The positive 0.04 MACD (Moving Average Convergence Divergence) indicator suggests a bullish signal.
+ In the Egyptian market, the stock's relative price strength percentile is improving at 69 for 6 months, 83 for 3 months and 84 for 1 month.
+ In the last three months the stock has hit a new 52-week high once.
+ The price soared 14.6% in the last week and 25.9% in the last month.
+ The present value of EGP1,000 invested one year ago is LE1,508 [vs LE1,681 for the EGX 30 Index].
Afternoon Alert: Egyptian Electrical Cables in 3rd consecutive rise, nears a 13-month high
19 October 2017 12:12 EET
Egyptian Electrical Cables (CA:ELEC) extended its gains Thursday, rising an additional 4.0 qirsh (or 4.3%) to trade at 98.0 qirsh. The stock lifted 2.38% on Tuesday and 9.3% on Wednesday bringing its 3-day rise to 16.7%. It is now approaching its 274-day high of 99.0 qirsh.
Egyptian Electrical Cables (CA:ELEC; CAI:ELEC; EY:ELEC)