CAIRO: The Egyptian Exchange (EGX) rose collectively amid high liquidity during Wednesday’s early and mid-session trading, backed by strong purchases from Arab and foreign investors.
The benchmark index EGX30 rose 1.14 percent to close at 8,616 points, up from 8,603 points Tuesday. The small and mid-cap index EGX70 added 0.14 percent to hit 613 points and the broader index EGX 100 also increased slightly 0.1 percent to reach 1,088.8 points.
Market capitalization gained around 200 million EGP ($517.4 million), registering 492.9 billion EGP, higher than 492.7 billion EGP. Total trade value surged to 576.5 million EGP.
Head of the Technical Analysis Desk at Naeem Brokerage, Ibrahim El-Nemr, told The Cairo Post the benchmark breached above its previous resistance level of 5,545 points.
“For this reason, and according to the sideways trend, we expect it to advance towards 8,800 points,” added the analyst.
“EGX30 managed to remain above its resistance level at 8,550 points amid great volume, thanks to the positive performance of the leading stocks,” Walid Helal, a technical analyst at El-Mokattam Securities Brokerage, told The Cairo Post.
Helal added that the benchmark will target 9,200 points, noting that the index will probably witness some profit taking while approaching this peak.
On Tuesday, the market rallied and EGX30 penetrated the 8,600-point barrier amid high liquidity, closing at 8,603 points. Market capitalization gained around 3.7 billion EGP.