EGX market watch: Market up due to selective purchases
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange’s indexes ended Monday’s session collectively higher, and the benchmark index EGX30 rose by 0.43 percent to hit 8,161 points, compared to 8,126 points on Sunday.

The small and mid-cap index EGX70 also edged up 0.38 percent, scoring 650 points. Further, the broader index EGX100 ended at 0.63 percent up, and the EGX20 index slightly rose 0.01 percent.

Market capitalization gained around 600 million EGP to reach 491.8 billion EGP, compared with 491.2 billion EGP on Sunday.

The rise was attributed to Arab and foreign traders tending to purchase, while Egyptians mostly sold. Arabs’ net purchases reached 25.5 million EGP, and foreigners’ net purchases hit 87.7 million EGP, while Egyptians’ sell-offs scored 113.3 million EGP.

Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed credited the rise to selective purchases, especially of spinning and weaving and transportation shares.

Saeed told The Cairo Post that he expects the market to continue its sideways movement until news about presidential candidates is confirmed and the country’s political outlook improves.

He also expected the EGX30 to edge up, remaining in the green zone, targeting 8,200 points.

“The market still needs more liquidity to cross the 8,200 level and stay above it,” head of technical analysis at Mirage Brokerage Ahmed Thabet told Mubasher news Sunday.

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