CِAIRO : The Egyptian Exchange (EGX) continued its rally during Sunday’s early and mid-session trading amid high volume, backed by positive performance of most leading stocks topped by the heavyweight CIB.
The market hit a new six-year high, shrugging off government’s decision to finance the Suez Canal expansion project through investment certificates rather than offering an IPO in the stock market as President Abdel Fatah al-Sisi announced on Aug. 5 while launching the new project.
Boosted by CIB’s performance along with the real estate stocks, the benchmark index EGX 30 surged to 9,469 points, compared to 9,386 points Thursday.
The small and mid-cap index EGX70 rose 1.69 percent, registering 653 points, up from 642.9 points, and the broader index EGX100 also went up 1.49 percent to reach 1,166 points.
Market capitalization gained 2.8 billion EGP ($391.58 million), amounting to 519.7 billion EGP, up from 516.9 billion EGP last session.
“EGX is expected to witness profit taking at the level of 9,450 points as most blue chips headed by CIB reached the overbought level and gave signs of an upcoming correction,” Tawfik Securities Brokerage trading head and capital market expert Mohamed Gaballah said.
Meanwhile, liquidity will be transferred to other stagnant stocks that will rally in the upcoming period, Gaballah told The Cairo Post.