Mid-session: Market gains 800 mill EGP amid sideways movement
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange indexes (EGX) slightly went up during Wednesday’s mid-session, and market capitalization added 800 million EGP ($114 million), boosted by Egyptian purchases amid sideways performance.

The benchmark index EGX30 higher edged 0.25 to hit 8,391points, up from 8,369 points on Tuesday, approaching a resistance level at 8,400 points. The small and mid-cap index EGX70 also rose 0.28 percent to reach 617 points, and the broader EGX100 index added 0.15 percent to register 1,076 points.

Market capitalization gained 800 million EGP ($114 million,) reaching 386 billion EGP, compared to 485.2 billion EGP on Tuesday.

Ehab el-Saeed, head of technical analysis at Osool ESB Securities, attributed the EGX’s slight rise to “sideways performance due to selective transactions and the significant immobility of market bellwether CIB.”

However, some blue chips performed positively, especially real estate stocks like Palm Hills and Talaat Moustafa, Saeed added in a phone interview.

“The EGX30 will shoot above 8,400 if CIB performs well,” noted Saeed, who reiterated his positive long-term outlook for the EGX performance, expecting a big leap in the wake of the upcoming presidential elections, which will take place on May 26 and 27.

Also on Wednesday, Egyptian’ net purchases registered 40.6 million EGP, while Arab and foreign net sell-offs reached 22.9 million EGP and 17.7 million EGP respectively.

During Tuesday’s trading, EGX gained 2.3 billion EGP supported by Egyptian and foreign investors’ purchases, while the Arab investors mostly sold.

EGX30 edged higher by 0.78 percent to a worth of 8,369 points, the EGX70 rose 0.87, registering 615 points and the broader  EGX100  increased by 0.84 percent to value at 1,075 points.

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