Mid-session: EGX shrugs off oil price hike, gains 1bil EGP
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) indexes rose collectively during Sunday’s mid-session after reducing morning loss triggered by Cabinet’s oil price hike amid reform measures to restructure subsidy which eats up 20 percent of the State budget.

Boosted by purchases of Arab and foreign traders, the benchmark index EGX30 rose 0.62 percent to hit 8,309 points, up from 8,258 points Thursday. The small and mid-cap index EGX70 edged up 0.71 percent to hit 604 points and the broader index EGX 100 also added 0.67percent to reach 1,057 points.

Market capitalization gained around 1 billion EGP ($139.8 million,) registering 482.9 billion EGP, higher than 481.9 billion EGP Thursday.

Walid Helal, a technical analyst at El-Mokattam Securities Brokerage and a member of the Egyptian Society of Technical Analysts (ESTA), said the market rebounded after watering down some negative news.

“EGX30 penetrated a resistance at 8,200 points, and a breach above this level will drive the benchmark towards 8,500 points,” Helal told The Cairo Post.

On Thursday EGX indexes rebounded and market capitalization gained around 4.3 billion EGP ($601.3 million), despite a series of blasts that hit several areas of Cairo, killing one and injuring another, on the first anniversary of the ousting of former President Mohamed Morsi.

EGX30 rose 1.43 percent to hit 8,258 points, up from 8,142 points Wednesday. EGX70 added 0.69 percent to hit 600 points and index EGX 100 also edged up 0.89 percent to reach 1,050 points.

Recommend to friends

Leave a comment