EGX market watch: EGX30 hits highest level since 2008
The Egyptian stock exchange - AFP/Khaled Desouki
By YASMINE SAMRA

CAIRO: Indexes of the Egyptian Exchange (EGX) showed a mixed performance on Thursday, with the Benchmark index EGX30 soaring 2.08 percent to 8,459 points, the highest level since September 2008.

The small and mid-cap index EGX70 closed in the red zone, scoring 1.55 percent down to close at 633 points due to intensive profit taking transaction. The broader EGX100 index also edged 0.89 percent down to 1,104.

Market capitalization gained 1.2 billion EGP after reaching 490.4 billion EGP, compared with 489.2 billion EGP on 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.

Saeed attributed EGX30’s rise to the good performance of some of the leading shares, including CIB, Global Telecom, and the real estate shares.

“EGX30 is expected to continue edging up next week, targeting 2,800 points, boosted by news about the presidential elections,” he added.

Foreign investors’ net purchases reached 98.7 million EGP, while Arab and Egyptian traders’ net sales reached 78.39 million EGP and 20.3 million EGP respectively.

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.

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