CAIRO: The Egyptian Exchange (EGX) indexes moved into the green after offsetting morning loss, getting support from the positive performance of some leading stocks, most notably EFG-Hermes and Sodic.
The benchmark index EGX30 edged up 0.33 percent to reach at 8,621 points, up from 8,593 points Tuesday. The small and mid-cap index EGX70 added 0.37 to hit 615 points, while the broader index EGX100 rose 0.35 percent, to reach 1,089 points.
Market capitalization added around 1.2 billion EGP ($167.8 million), registering 493.4 billion EGP, higher than 492.2 billion EGP. Total trade value amounted to 172.7 million EGP.
“The benchmark is re-testing its support level again, and this generally happens after penetrating strong resistance level like the 8,600 barrier, in an attempt to confirm this penetration,” Mohamed Gaballah, Trade Manager at Al-Tawfeek Financial Brokerage amid capital market expert told The Cairo Post Thursday.
Gaballah added: “If purchasing power was generated amid high volume after confirming this penetration, EGX30 will target 8,800 points and this could be achieved soon, but if these purchases and big volume did not appear-and this is highly expected-the benchmark will trade sideways toward 8,800 points within the few coming days.”
“The benchmark breached above its previous resistance level of 8,600 points. For this reason, and according to the sideways trend, we expect it to advance towards 8,800 points,” Head of the Technical Analysis Desk at Naeem Brokerage, Ibrahim El-Nemr, told The Cairo Post.
EGX indexes ended on a mixed note Tuesday after reducing morning gains, hurt by selling pressures from local and Arab traders.
The benchmark index EGX30 fell 0.12 percent and market capitalization shed around 500 million EGP ($69.9 million.)