Egyptian stock alert
CLOSING UPDATE: Rakta Paper Manufacturing lifts further 2.7% - outperforming 95% of stocks 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).
Rakta Paper Manufacturing, Egypt's 6th largest basic resources company by market capitalisation, has climbed 39.0 qirsh (or 4.9%) today to trade at LE8.28 and has outperformed 95% of the market in the past week. A price rise combined with a high relative strength is a bullish signal. Compared with the EGX 30 Index which fell 38.4 points (or 0.2%) in the day, this represented a relative price increase of 5.2%.
Technical indicators complementing today's significant uptrend:
+ In the last three months the stock has hit a new 52-week high four times, pointing to an uptrend.
+ The present value of EGP1,000 invested one year ago is LE2,250 [vs LE1,138 for the EGX 30 Index].
Rakta Paper Manufacturing today is at a discount of 17.6% to the 12-month high of LE10.05 on 09 Nov, 2017. It is at a premium of 162.0% to the 12-month low of LE3.16 on 28 Feb, 2017.
The negative 0.05 MACD (Moving Average Convergence Divergence) indicator suggests a bearish signal.
The price decreased 0.6% in the last month.
Afternoon Alert: Rakta Paper Manufacturing lifts 2.2% - outperforming 85% of stocks
16 January 2018 12:14 EET
Rakta Paper Manufacturing (CA:RAKT) has lifted 17.0 qirsh (or 2.2%) today to trade at LE8.06 and has outperformed 85% of the market in the past week. A price rise combined with a high relative strength is a bullish signal.
Rakta Paper Manufacturing (CA:RAKT; CAI:RAKT; EY:RAKT)