Mid-session report: EGX gains 6B EGP powered by Global Telecom
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange indexes collectively rose during Tuesday’s mid-session, and market capitalization gained roughly 6 billion EGP ($858 million,) boosted by telecom sector stock topped by Global Telecom.

The benchmark index EGX30 jumped 1.9 percent to hit 8,256 points, compared with 8,103 points on Thursday, ending a corrective movement after penetrating resistance level of 8,100 points for a second session in a row.

The small and mid-cap index EGX70 went up 1.3 percent to 614 points, and the broader EGX100 index also gained 1.07 percent to reach 1,073 points.

Market capitalization gained more than 5.9 billion EGP, reaching 483.5 billion EGP, compared to 477.6 billion EGP on Thursday, the last session before weekend and Easter holidays.

Head of technical analysis at Osool ESB for Securities Brokerage Ehab el-Saeed attributed EGX30 significant rise to Global Telecom Holding (GLTD.L) along with the Russian VimpelCom Ltd signing a share purchase agreement.

“The deal states Global Telecom will sell 51 percent of its stake in Orascom Telecom Algerie SpA to the Algerian National Investment Fund for US$ 2.643 billion,” Saeed told The Cairo Post.

“EGX30 will test a new resistance level at 8,400 points next week after resuming trade on Sunday,” Saeed added. The EGX will suspend trading on Thursday April 25, marking Sinai Liberation Day.

Egyptians’ net purchases registered 28.9 million EGP Tuesday, while Arabs and foreigners’ net sell-offs reached 9.1 million EGP and 19.7 million EGP respectively.

On Thursday, the EGX ended up, amid high liquidity ahead of Easter celebrations, and market capitalization gained more than 1.7 billion EGP, reaching 477.6 billion EGP, compared to 475.9 billion EGP on Wednesday. Turnover reached 543 million EGP.

The small and mid-cap index EGX70 went up 0.9 percent to 606 points, and the broader EGX100 index also gained 0.7 percent to reach 1,062 points.

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