CAIRO: The Egyptian Exchange indexes went up during Sunday’s mid-session, and market capitalization gained 6 billion EGP (U.S. $ 856.22 million), amid strong purchases by Egyptian investors.
The benchmark index EGX30 rose 0.77 percent to hit 8,320 points, compared to 8, 256 points on Wednesday. The small and mid-cap index EGX70 also edged up 0.47 percent to register 612 points, and the broader EGX100 index also gained 0.48 percent to reach 1,069 points.
Market capitalization gained roughly 6 billion EGP, reaching 484 billion EGP, compared to 478 billion EGP on Wednesday. EXG announced that April 30 will be an official holiday to celebrate Labor Day.
Head of technical analysis at Osool ESB Securities Ehab el-Saeed attributed the rise to the positive performance of blue chips, topped by telecom and real estate stocks, most prominent among them were Palm Hills and Amer Group.
“EXG30 is greatly expected to penetrate a resistance level at 8,400 points on Monday” Saeed told The Cairo Post.
Egyptian net purchases recorded 2.6 million EGP, while Arabs and foreigners’ net sell-offs registered 375.830 EGP and 2.2 million EGP respectively on Sunday.
On Wednesday, EGX indexes ended in the green, and market capitalization added 3.6 billion EGP (U.S. $513.73 million), boosted by strong purchases by Egyptian investors, both individuals and foundations.
EGX30 rose 1.3 percent to hit 8,256 points, compared to 8,150 points on Tuesday. EGX70 also edged up 1.024 percent to register 609 points, and the broader EGX100 index also gained 0.82 percent to reach 1,064 points.