CAIRO: The Egyptian Exchange indexes edged up during Wednesday’s mid-session, and market capitalization added 2.8 billion EGP ($ 400 million), boosted by positive performance of blue chips, topped by the bellwether CIB and telecom stocks.
The benchmark index EGX30 rose 0.94 percent to hit 8,226 points, compared to 8,150 points on Tuesday. The small and mid-cap index EGX70 also edged up 1.02 percent to register 609 points, and the broader EGX100 index also gained 0.95 percent to reach 1,065 points.
Market capitalization gained roughly 2.8 billion EGP, reaching 477.2 billion EGP, compared to 474.4 billion EGP on Tuesday.
Head of technical analysis at Osool ESB Securities Ehab Saeed attributed the rise to the good performance of EGX leader CIB and telecom sector stocks headed by OTMT and Global Telecom, while real estate stock moved in sideways Wednesday.
“EXG is still moving in sideways but with an upward tendency,” Saeed told The Cairo Post.
Meanwhile, Saeed said he expects EGX30 to rebound on Sunday, targeting a resistance level at 8,400 points. EXG has announced April 30 an official holiday to celebrate Labor Day.
Egyptians net purchases recorded 19.5 million EGP, while Arabs and foreigners’ net sell-offs registered 7.2 million EGP and 12.3 million EGP respectively on Wednesday.
On Tuesday, EGX indexes ended on a low and market capitalization lost 1.9 billion EGP (U.S. $ 271.4 million), amid continued sideways movement and selling pressures on the leading shares from Egyptian investors.
The EGX30 dropped 0.19 percent to hit 8,150 points, compared to 8,165 points on Monday. Further, EGX70 also fell 0.55 percent to close at 603 points, and the broader EGX100 index also edged down 0.48 percent to reach 1,055 points.