EGX gains 5.3B EGP powered by blue chips
Egyptian Stock Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange indexes ended in the black Sunday, with market capitalization adding 5.3 billion EGP ($756.3 million) and getting a boost from positive blue chip performance.

The benchmark index EGX30 rose 0.63 percent to hit 8,308 points, up from 8,256 points on Wednesday. The small and mid-cap index EGX70 also edged up 0.46 percent to reach 612 points, and the broader EGX100 index grew 0.5 percent, ending at 1,069 points.

Market capitalization gained roughly 5.3 billion EGP, reaching 483.3 billion EGP, compared to 478 billion EGP on Wednesday.

Ehab Saeed, head of technical analysis at Osool ESB Securities, attributed the rise to positive blue chip performances, mostly from real estate stocks like Palm Hills and Amer Group. In a phone interview, Saeed said the EGX30 finished the day down from its earlier Sunday morning gains, having reached 8,332 points in midday trading due to selling pressures on market bellwether CIB, Talaat Moustafa Group and Hermes. He said he expects the EGX30 to drop 20 to 30 points during Monday morning trading, but that the index would offset its loss if CIB performed well. Saeed also said the benchmark index would shoot above 8,400 points Tuesday.

Also on Sunday, Egyptian and Arab net purchases registered 13.7 million EGP and 22.8 million EGP respectively, while foreign net sell-offs reached 36.5 million EGP.

On Wednesday, EGX indexes ended in the black, and market capitalization added 3.6 billion EGP ($513.73 million), boosted by strong purchases from both individuals and groups of Egyptian investors.

The EGX30 rose 1.3 percent to hit 8,256 points, compared to 8,150 points Tuesday; the EGX70 edged up 1.024 percent to register 609 points and the broader EGX100 gained 0.82 percent to reach 1,064 points.

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