EGX gains 704M EGP boosted by Arab purchases
Egyption Stock Exchange - YOUM7/Dina Romeiah

CAIRO: The Egyptian Exchange indexes (EGX) ended in the green zone amid ongoing sideways movement and market capitalization gained 704 million EGP ($99.78 million) getting support from Arab purchases.

The benchmark index EGX30 edged up by 0.21 percent to hit 8,243 points, up from 8,226 points Sunday. The small and mid-cap index EGX70 also increased by 0.41 percent to reach 608 points and the broader EGX100 index added 0.07 percent to register 1,056 points.

Market capitalization added roughly 704 million EGP, reaching 478.898 billion EGP compared to 478.194 billion EGP Sunday. Total turnover reached 703 million EGP.

Ehab el-Saeed, head of technical analysis at Osool ESB Securities, said investors’ anticipations of the upcoming presidential elections, which will take place from May 26-27, is a key reason behind the EGX sideways movement, as well as the current IPOs.

Saeed said he expects “the market to keep moving sideways with low turnover ahead of the elections.” The analyst, however, said he expects EGX30 to approach a resistance level at 8,400 points by the end of the week.

Hossam Helmy, technical analysis advisor at Pioneers Holding, told The Cairo Post that “EGX30 could rebound to penetrate a resistance level of 8,600 points, gaining momentum from the elections.”

Also on Monday, foreign net purchases reached 30.3 million EGP, while Egyptian and Arab net sell-offs registered 14.6 million EGP and 15.7 million EGP respectively.

On Monday, the EGX ended on a mixed note amid sideways movement, and market capitalization added 400 million EGP powered by the positive performance of some leading shares, most notably OTMT and Amer Group.

Further, the EGX30 edged up by 0.19 percent to end at 8,226 points, up from 8,211 points Thursday. The EGX70 also increased by 0.04 percent to reach 606 points, while the broader EGX100 index dropped by 0.12 percent to register 1,055 points.

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