EGX closes in green, gaining 1.4 b EGP Thursday
Egyptian stock exchange - YOUM7 (Archive)

 CAIRO: In its last session of the week, the Egyptian Stock Exchange (EGX) indexes ended on a collective increase and gained 1.4 billion EGP ($200 million) Thursday, supported by intensive purchases of foreign and Arab investors, meanwhile the Egyptian investors mostly sold.

The intensive purchases of foreign and Arab investors have pushed the EGX indexes to restore part of their losses during the past two days. At the end of the session, the EGX capital market surged up to 473.7 compared to 472.3 yesterday, gaining about 1.4 billion EGP.

The benchmark EGX30 index edged higher by 0.15 percent, totaling 8,093  points, the small and mid-cap EGX70  soared by 0.69 percent registering 583.4 points while the broader EGX100  soared by 0.69  percent to a total  1,023 points.

During Thursday’s transactions, Arab and foreign investors’ net purchases increased to 25.6 million and 21.01 million EGP respectively, while the Egyptian Investors’ net sales were valued at 46.6 million EGP.

The Ezz for Ceramic and Porcelain Company and Misr Cement Company topped the list of share gainers by 8.22 percent and 7.85 percent respectively.

Montaser Madbouly, head of the technical analysis department at Al Orouba for financial securities told Mubasher the intensive purchases of foreign and Arab investors helped EGX to end in the green region after a series of sharp declines due to the negative impact of Sisi’s recent mention of austerity plans.

As for the next week’s transactions, the EGX30 main index will range between 8,250 and 8,450 resistance levels with expectation  that the Egyptian investors would tend to purchase amid notable decline in indexes prices, said Madbouly.

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