CAIRO: The Egyptian Exchange (EGX) rebounded during Sunday’s early and mid-session trading, backed by the positive performance of real estate stocks.
Benchmark index EGX 30 rose by 1.44 percent to hit 9,508 points, compared to 9,373 points Thursday. The small and mid-cap index EGX70 edged up 1.69 percent, registering 663 points, up from 647points last session, and the broader index EGX100 also added 1.48 percent to reach 1,182 points.
Market capitalization gained around 4.2 billion EGP ($587.29million,) amounting to 523.9 billion EGP, up from 519.7 billion EGP last session.
“The market rebounded and all indexes went up after the benchmark index hit its major support level at 9,300 points,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post.
EGX30 breached above the 9,500 barrier, but penetrating this peak requires a big volume, around 1 billion EGP, while a confirmation requires maintaining this level for two successive sessions, Helal said.
“For this reason, we cannot say that the benchmark has penetrated its previous peak in light of the current weak volume,” Helal added, reiterating that the 9,300 level will be the most sensitive. He advised investors to stop losses if the index breaches down 9,290 points.
Helal said he expects the rest of today’s session to witness minimal profit taking , while the indexes are likely to decline with the benchmark closing below 9,500 points.