CAIRO: The Egyptian Exchange indexes (EGX) ended up Tuesday amid remarkable improvement in liquidity and market capitalization, and gained 2.1 billion EGP ($300 million), getting support from purchases of local and Arab foundations.
The benchmark index EGX30 higher edged 0.77 percent to hit 8,307 points, up from 8,243 points Monday. The small and mid-cap index EGX70 also rose by 0.56 percent to reach 611.9 points and the broader EGX100 index added 0.66 percent to register 1,063 points.
Market capitalization added roughly 2.1 billion EGP, reaching 481 billion EGP compared to 478.9 billion EGP Monday. Total turnover reached 933 million EGP, up from 703 million EGP yesterday.
“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 “The EGX30 could rebound to penetrate a resistance level of 8,600 points, gaining momentum from the elections.”
Also on Tuesday, Arab net purchases reached 21.5 million EGP, while Egyptian and foreign net sell-offs registered 15.3 million EGP and 6.2 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) powered by 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.