CAIRO: Egyptian Exchange (EGX) indexes collectively went up on Tuesday’s mid-session, with the benchmark index EGX30 jumping 1.18 percent to hit a new record at 8,506 points, compared with 8,405 points on Monday.
Small- and mid-cap index EGX70 edged up 0.72 percent to close at 640 points and the broader EGX100 index rose 0.88 percent to 1,119 points.
Market capitalization gained 4.4 billion EGP after reaching 496.3 billion EGP, compared to 491.9 billion EGP on Monday.
Advisor of technical analysis at Pioneers Securities Hossam Helmy attributed the rise to the positive performance of some blue chip shares, including Amer Group, OTMT, and Citadel Capital (CCAP).
“The benchmark index EGX30 managed to shoot above the resistance level of 8,500 points, scoring a new record since September in 2008, while EGX70 is expected to exceed 660 points if the market maintained this performance,” Helmy added.
Helmy told The Cairo Post he expects EGX30 to target 8,700 points after exceeding 8,500 points providing that the Tuesday session ended without profit taking transactions. He reiterated a positive long-term outlook for the stock market’s performance, expecting the benchmark index to shoot above 8,800 points when reports about the presidential elections are affirmed.
Egyptian and foreign investors’ net purchases reached 1.9 million EGP and 848.900 EGP respectively, while Arabs’ net sell-offs reached 2.6 million EGP.
On Monday, the indexes showed a mixed performance while the benchmark index EGX30 dropped 0.54 percent due to profit taking to close at 8,405 points, compared with 8,450 points Sunday.
Small- and mid-cap index EGX70 edged up 0.49 percent to close at 636 points and the broader EGX100 index rose 0.25 percent to 1,109 points.
Market capitalization gained 500 million EGP after reaching 491.9 billion EGP, compared to 491.4 billion EGP Sunday.