CAIRO: Egyptian Exchange (EGX) indexes ended on a high on Tuesday, with the benchmark index EGX30 jumping 1.14 percent, due to hit 8,501 points, penetrating the resistance level at 8,500 compared to 8,405 points on Monday.
The small and mid-cap index EGX70 edged up 0.85 percent to close at 641 points, and the broader EGX100 index also rose 0.92 percent to 1,119 points.
Market capitalization gained 5.2 billion EGP after reaching 497.1 billion EGP, compared to 491.9 billion EGP yesterday.
Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed attributed EGX30’s surge to the positive performance of the real estate shares, in addition to CIB, Hermes, Telecom Egypt and Citadel Capital.
“The benchmark index EGX30 will probably gain 20 to 30 points Wednesday, and it is also expected to score a high record if Minister of Defense Abdel Fatah al-Sisi submits his resignation to run for president,” Saeed told The Cairo Post.
Meanwhile, investors are greatly expected to move towards profit-taking on Thursday if Sisi does not announce his final decision regarding the presidential elections, added Saeed, reiterating a positive long-term outlook for the stock market performance.
Egyptian and Arab traders’ net purchases reached 22.6 million EGP and 7.4 million EGP respectively, while foreign investors’ net sell-offs reached 30 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 to 8,450 points Sunday.
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.