CAIRO: Market capitalization added more than 600 million EGP ($28.1 million,) with Egyptian Exchange’s (EGX) indexes going slightly up during Monday’s mid-session, getting support from market bellwether CIB, Global Telecom and real estate stocks.
The benchmark index EGX30 rose 0.15 percent to hit 8,545 points up from 8, 532 points Sunday. The index managed to remain above the 8,400 point resistance level for the third session in a row, approaching 8,600 points.
The small and mid-cap index added 0.59 percent to reach 621 points and the broader EGX100 was also 0.49 percent up at 1.084 points. Market capitalization reached 492.7 billion EGP compared to 492.1 billion EGP Sunday. Total turnover reached 2.9 billion EGP.
“The benchmark index is moving sideways with an upward tendency while approaching a new resistance level at 8,600 to 8,650 points after penetrating the former 8,400 points resistance level,” Ihab Saeed, head of technical analysis at Osool ESB Securities, said.
Saeed expects minor profit taking transactions on Tuesday session, but he predicted the benchmark could rebound Wednesday to penetrate 8,600 points ahead of the presidential elections due on May 26 and 27.
Also on Monday, Egyptian and foreign net purchases registered 123,629 EGP and 10.1 million EGP respectively, while Arab net sell-offs reached 10.25 million EGP.