CAIRO: Indexes of the Egyptian Exchange (EGX) ended Wednesday’s mid-session collectively higher, and the market capital gained 2.5 billion EGP ($359 million) amid a state of optimism among investors about presidential elections.
Benchmark index EGX30 rose 0.9 percent, exceeding the 8200 points barrier to 8270 points, the small and mid-cap index EGX70 also added 0.64 percent to register 658 points. The broader index EGX100 went up 0.68 percent to 1131 points.
The rise was attributed to Egyptian traders tending to purchase, while foreigners and Arabs mostly sold. Egyptians’ net purchases reached 30.2 million EGP, while Arabs net sell-offs hit 25 million EGP, and foreigners’ sell-offs scored 5.1 million EGP.
Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ehab el-Saeed, credited the rise to selective purchases, especially of the real estate sector including the shares of SODIC.
Saeed told The Cairo Post that he expects the market to maintain this good performance with the benchmark index EGX30 targeting 8500 points.
The indexes slightly rose on Tuesday amid concerns about Muslim Brotherhood protests expected Wednesday. The benchmark index EGX30 rose by 0.44 percent to hit 8196 points, compared to 8161 points on Monday.
The small and mid-cap index EGX70 also edged up 0.53 percent, scoring 654 points and the broader index EGX100 ended at 0.45 percent up, registering 1124 points.
Market capitalization gained around 1.6 billion EGP to reach 493.4 billion EGP, compared with 491.8 billion EGP on Monday.
Wael Amin, CEO of Aman Brokerage, told Mubasher Tuesday that the benchmark soared to its highest level in more than five and a half years propelled by real estate stocks.