CAIRO: The Egyptian Exchange (EGX) surged collectively this week and market capitalization gained around 6.7 billion EGP ($936.9 million) amid an investor buying spree, namely on leading shares.
The benchmark index EGX30 edged up 2.14 percent to end the week at 8,637 points, up from 8,457 points last week. The small and mid-cap index EGX70 also rose 1.39 percent to hit 615 points, compared with 606 points last week.
The broader index EGX100 also added 1.39 percent to end at 1,089 points, compared with 1,070 points last week. Market capitalization amounted to 494.2 billion EGP, compared with 481.9 billion EGP last week.
Total trade value and volume declined significantly this week, ranging between 313 million EGP to 626 million EGP, with a daily average estimated at 328 million EGP, compared with 595 million EGP during the previous week.
“Buoyed by the positive performance from most blue chips topped by the market bellwether CIB stock, followed by Talaat Moustafa Holding Group and EFG-Hermes, the benchmark index managed to shoot its resistance level of 8,600 points to hit 8,637 points,” said Ehab Saeed, head of technical analysis at Osool Securities Brokerage.
During the course of the week, CIB jumped 4.09 percent as it breached above its former resistance level at 37 EGP and approached a new resistance level of 38.20 EGP by closing Thursday at 38.90 EGP; its highest levels in two months, Saeed told The Cairo Post.