CAIRO: The Egyptian Exchange (EGX) indexes ended in the green Monday, offsetting morning losses after getting support from market bellwether CIB, Global Telecom and some real estate stocks. Market capitalization added more than 1.6 billion EGP ($224.9 million).
The benchmark index EGX30 rose 0.59 percent to hit 8,582 points, up from 8,532 points Sunday. The index managed to remain above the 8,400 point resistance level for the fourth session in a row, approaching 8,600 points.
The small and mid-cap index added 0.77 percent to reach 622 points and the broader EGX100 was also up 0.58 percent at 1,085 points. Market capitalization reached 492.7 billion EGP compared to 492.1 billion EGP Sunday. Total turnover reached 3.66 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, told The Cairo Post.
Saeed expected minor profit taking transactions in the 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 net purchase reached 52 million EGP, while Arab and foreign net sell-offs registered 24.7 million EGP and 27.3 million EGP respectively.
On Sunday, the indexes ended on a collective decline due to profit taking on the leading stock, while the market witnessed a remarkable rally on the first day of trading for Arabian Cement stock, which jumped to 14.8 percent in the first few minutes of trading. Market capitalization lost roughly 200 million EGP ($28.1 million).
The EGX30 dropped 0.25 percent to hit 8,532 points, down from 8,545 points Thursday. However, the index was still above the 8,400 point resistance level.