Mid-session report: EGX30 hits highest level in 66 months
Egyptian Stock Exchange - YOUM7(ARCHIVE)

CAIRO: Indexes of the Egyptian Exchange (EGX) ended Thursday’s mid-session on a mixed note, with the benchmark index EGX30 soaring 1.19 percent to 8,385 points, amid upbeat investor sentiment over the presidential elections.

In turn, the small and mid-cap index EGX70 also lost 0.09 percent to register 643 points, while the broader index EGX100 went up 0.16 percent to 1116 points.

Market capitalization gained around 2.6 billion EGP (U.S. $364 million) to reach 491.8 billion EGP, compared to 489.2 billion EGP Wednesday.

Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed told The Cairo Post Thursday, that the benchmark index EGX30 will keep this positive performance after exceeding the 8,200 points barrier.

“EGX30 will target 2,500 to 8,600 points, after soaring to its 66-month high,” he added.

Egyptian and foreign investors’ net purchases reached 2.5 million EGP and 19.8 million EGP respectively, while Arab traders’ net sales reached 25.3 million EGP.

On Wednesday, indexes also showed a mixed performance, and the market capitalization lost nearly EGP 4.2 billion.

EGX30 jumped 1.1 percent at 8,286 points, while small and mid-cap index EGX70 fell 1.63 percent to 643points, due to profit taking and the broader index EGX100 ended 0.89 percent down at 1,114 points.

Technical analyst at African Economic Group told the stocks website Mubasher that she expected indexes to continue to rise on Thursday if the protests staged by Muslim Brotherhood members ended peacefully Wednesday.

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