CAIRO: The Egyptian Exchange indexes (EGX) edged up amid ongoing sideways movement during Tuesday mid-session and market capitalization gained 1.5 billion EGP ($212.6million) boosted by positive performance of real sector stocks.
The benchmark index EGX30 edged up by 0.62 percent to hit 8,295 points, up from 8,243 points Monday. The small and mid-cap index EGX70 also increased by 0.44 percent to reach 611 points and the broader EGX100 index added 0.57 percent to register 1,062 points.
Market capitalization added roughly 1.5 billion EGP, reaching 480.4 billion EGP compared to 478.9 billion EGP Monday. Total turnover reached 397.3 million EGP.
“EGX is still moving sideways with an upward tendency,” Ahmed Khaled, head of technical analysis at Arabia Online Brokerage, told The Cairo Post. EGX performance witnessed slight improvement, Khaled added, citing positive performance of real estate stocks and completing Arabia Cement private offering.
“If EGX30 managed to penetrate a resistance level at 8,400 points this week, it will end its sideways movement, targeting 8,600 points ahead of the upcoming presidential elections (which will take place from May 26-27,)” Khaled said.
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 Tuesday, Arab net purchases reached 13.7 million EGP, while Egyptian and foreign net sell-offs registered 7.3 million EGP and 6.4 million EGP respectively.
On Monday, EGX indexes ended in the green zone amid ongoing sideways movement and market capitalization gained 704 million EGP ($99.78 million) getting support from Arab purchases.
EGX30 edged up by 0.21 percent to hit 8,243 points, up from 8,226 points Sunday. 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.