CAIRO: Indexes of the Egyptian Exchange (EGX) collectively rose during Sunday’s mid-session, with the benchmark index EGX30 edging up by 0.3 percent to 8,484 points, amid upbeat investor sentiments toward upcoming presidential elections.
The small and mid-cap index EGX70 also rose by 0.45 percent to register 636 points, while the broader EGX100 index went up by 0.43 percent registering 1,109 points.
Market capitalization gained 1.8 billion EGP ($250 million), totaling 492.2 billion EGP, compared with 490.4 billion EGP on Thursday.
Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed told The Cairo Post, that the benchmark index EGX30 would maintain 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 investors’ net purchases reached 2.1 million EGP, while Arab and foreign traders’ net sales reached 188,000 EGP and 1.94 million EGP respectively.
“EGX30 is expected to show limited sideways changes this week, targeting 8,600 points,” he said. The market will remain moving sideways and minor profit taking transactions are also expected, until investors are assured about the presidential elections, he added.
On Thursday, EGX indexes showed mixed performance, with the Benchmark index EGX30 soaring 2.08 percent to 8,459 points, the highest level since September 2008. Market capitalization gained 1.2 billion EGP.
However, the small and mid-cap index EGX70 closed in the red zone, at 633 points, 1.55 percent lower , due to intensive profit taking transactions. The broader EGX100 index also decreased by 0.89 percent down to 1,104 points.
“EGX30 continued its upsurge, crossing strong resistance levels, in light of reports that Field Marshal Abdel Fatah al-Sisi will shortly announce his bid for the presidential elections,” Mona Moustafa, technical analyst at African Economic Group, told the business website Mubasher Thursday.
She added that the upbeat investor sentiment stimulated liquidity, as the CIB share rose by 3.23 percent to 38 EGP, supported by intensive foreign purchases.