CAIRO: Indexes of the Egyptian Exchange (EGX) ended Tuesday’s mid-session collectively higher, offsetting their morning losses.
The benchmark index EGX30 rose 0.12%, to close near the 8,180 barrier at 8,170 points. EGX70, the small and mid-cap index also went up 0.38%, to 653 points. The broader EGX100 index ended 0.29% higher, at 1,122 points.
Market capitalization gained about 1 billion EGP to hit 492.8 billion EGP, compared with 491.8 billion recorded yesterday.
The rise was attributed to foreign traders tending to purchase, while Egyptians and Arabs mostly sold. Foreigners’ net purchases reached 12.7 million EGP, while Arabs net sell-offs hit 12.7 million EGP, while Egyptians’ sell-offs scored 7.25 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 the blue chip including the CIB share.
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.
“Opening the presidential campaigns, scheduled to kick off Wednesday, will boost the market, since it is considered a sign of commitment to the road map,” he said in a phone conversation.
He also expected the EGX30 to edge up, remaining in the green zone, targeting 8,200 points.
On Monday, the indexes ended up, offsetting their morning losses, with the benchmark index EGX30 rising 0.43%, to close near the 8,180 barrier at 8,161points. EGX70 also crept up 0.38%, to 650points. EGX100 ended 0.63% higher, at 1,119 points.
“Indexes saw slim decline at the beginning of Monday’s session, as EGX30 reached 8,100 points, but they turned up when the CIB announced the payment of coupon No. 38 at 1 EGP per share to shareholders of record till the close of trading today,” Walid Helal, a portfolio manager at El-Mokattam Securities Brokerage, told Mubasher business website.