CAIRO: The Egyptian Exchange indexes collectively edged up during Tuesday’s mid-session, boosted by the positive performance of blue chips topped by Talaat Moustafa and Global Telecom.
The benchmark index EGX30 rose 1.48 percent to hit 8,002 points, compared to 7,886 points on Monday. The small and mid-cap index EGX70 went up 1.1 percent at 598 points, and the broader EGX100 index also gained 1.09 percent to end at 1,049 points.
Market capitalization gained approximately 3.4 billion EGP, reaching 472.2 billion EGP, compared to 468.8 billion EGP on Monday.
“The market is about to end the corrective movement that lasted more than two weeks, with the benchmark index EGX30 approaching a new resistance level at 8,100 points,” head of technical analysis at Osool ESB for Securities Brokerage Ehab el-Saeed told The Cairo Post Tuesday.
Meanwhile, Saeed attributed EGX30’s failure to penetrate 8,100 Tuesday to the bad performance of the leading CIB share.
Describing the market performance as “positive,” Saeed reiterated his positive long-term outlook for the market, expecting EGX30 to rebound and penetrate 8,600 points after the presidential elections, scheduled for May 26 and 27.
Foreigners’ net purchases registered 16 million EGP Tuesday, while Egyptians and Arabs’ net sell-offs reached 15.5 million EGP and 502,000 EGP respectively.
On Monday, EGX indexes edged up slightly, loss amid low liquidity and expectations of sideways movements.
The benchmark index EGX30 rose 0.14 percent to close at 7,886 points, compared to 7,875 points on Sunday. The small and mid-cap index EGX70 went up 0.52 percent at 592 points, and the broader EGX100 index also gained 0.4 percent to end at 1,038 points.