Egyptian stock alert
CLOSING UPDATE: Alexandria Spinning and Weaving keeps rising: up 9.6% in 3 days 16 January 2018 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).
Alexandria Spinning and Weaving, Egypt's 3rd largest textiles company by market capitalisation, extended its gains on Tuesday, rising an additional 13.0 qirsh (or 6.4%) to trade at LE2.16. Trading volume was 4.8 times average at the end of the day. The shares have risen 19.0 qirsh (or 9.6%) over the past three trading days vs. the EGX 30 Index which has fallen 1.0% in the same period.
Technical indicators complementing today's significant uptrend:
+ The positive 0.03 MACD (Moving Average Convergence Divergence) indicator suggests a bullish signal.
+ The stock has outperformed 82% of the Egyptian market over the past 6 months.
+ In the last three months the stock has hit a new 52-week high ten times, pointing to a significant uptrend.
+ The present value of EGP1,000 invested one year ago is LE1,612 [vs LE1,138 for the EGX 30 Index].
Alexandria Spinning and Weaving today is at a discount of 11.1% to the 12-month high of LE2.43 on 29 Nov, 2017. It is at a premium of 86.2% to the 12-month low of LE1.16 on 20 Feb, 2017.
Afternoon Alert: Alexandria Spinning and Weaving keeps rising: up 10.7% in 3 days
16 January 2018 12:14 EET
Alexandria Spinning and Weaving (CA:SPIN) extended its gains on Tuesday, rising an additional 15.0 qirsh (or 7.4%) to trade at LE2.18. Trading volume was 3.8 times average so far today. The shares have risen 21.0 qirsh (or 10.7%) over the past three trading days vs. the EGX 30 Index which has fallen 0.6% in the same period.
Alexandria Spinning and Weaving (CA:SPIN; CAI:SPIN; EY:SPIN)