CAIRO: Egyptian Exchange (EGX) indexes showed great performance during Wednesday’s mid-session, with the benchmark index EGX30 scoring 0.23 percent up to hit 8,501 points, penetrating the resistance level at 8,500 after closing at 8,501 Tuesday.
The small and mid-cap index EGX70 jumped 2.14 percent to close at 653 points, and the broader EGX100 index also rose 1.53 percent to 1,136 points.
Market capitalization gained 4.9 billion EGP after reaching 502 billion EGP, compared to 497.1 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, Palm Hills, and Citadel Capital.
“The benchmark index EGX30 will probably gain 20 to 30 points Wednesday,” Saeed told The Cairo Post. He also expected the benchmark index to score a high record on Thursday if Minister of Defense Abdel Fatah al-Sisi submits his resignation to run for president.
The Supreme Council of Armed Forces (SCAF) is scheduled to hold a meeting Wednesday to consider Sisi’s resignation if he will bid for president.
Investors are greatly expected to move towards profit-taking on Sunday if Sisi does not announce his final decision regarding the presidential elections, Saeed said, reiterating a positive long-term outlook for the stock market performance.
Egyptian net purchases reached 5.9 million EGP, while Arab and foreign investors’ net sell-offs reached 4.6 million EGP and 1.3 million EGP respectively.
On Tuesday, the market showed great performance, 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.