CAIRO: The Egyptian Exchange indexes collectively edged up during Wednesday’s mid-session, supported by positive performance of blue chips topped by Hermes and Talaat Moustafa.
Market capitalization gained more than 1.6 billion EGP ($230 million,) reaching 476.4 billion EGP, compared to 474.8 billion EGP on Tuesday.
The benchmark index EGX30 rose 0.79 percent to hit 8,090 points, compared to 8,026 points on Tuesday. The small and mid-cap index EGX70 went up 0.4 percent at 600 points, and the broader EGX100 index also gained 0.46 percent to reach 1,054 points.
“EXG would witness a bullish wave if EGX30 managed to penetrate and stand above the new resistance level at 8,100 points,” Pioneers Securities’ Technical Analysis Advisor Hossam Helmy told The Cairo Post.
“EGX30 was able to move strongly upward accompanied by an increased turnover,” head of technical analysis at Roots Stock Brokerage Sameh Gharib told Mubasher business website. He expected the benchmark index to keep up rising to reach resistance level at 8,350 points.
Foreigners’ net purchases registered 9 million EGP, while Egyptians and Arabs’ net sell-offs reached 2 million EGP and 7 million EGP respectively.
On Tuesday, the EGX boosted by the positive performance of blue chips topped by Talaat Moustafa and Global Telecom gained more than 5 billion EGP, with the benchmark index EGX30 jumping 1.79 percent to close at 8,026 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 1.08 percent to end at 1,049 points.