CAIRO: The Egyptian Exchange (EGX) rebounded Sunday, backed by the positive performance of real estate stocks along with strong purchases from local institutions and foreign retailers.
The benchmark index EGX 30 rose by 1.3 percent to hit 9,493 points, compared to 9,373 points Thursday. The small and mid-cap index EGX70 edged up 1.19 percent, registering 660 points, up from 647points last session and the broader index EGX100 also added 1.11 percent to reach 1,178 points.
Market capitalization gained around 4.1 billion EGP ($573.3 million), reaching 523.8 billion EGP, and up from 519.7 billion EGP last session.
“The benchmark breached above its bottleneck at 9,500 points during early trading, but reduced its gains while the real estate and financial service sectors were the key players of today’s movement,” Amr el-Feky, a portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
The EGX30 advanced due to the rally of blue chips like Talaat Moustafa, Pioneers Holding and EFG-Hermes, Feky said. Global Telecom (GTHE) was also a leader in today’s session due to talks about a $2.5 billion acquisition deal of the Algerian National Investment Fund of a 51 percent stake of its subsidiary Djezzy.
“If the index will continue its progress towards higher targets, a lot of stocks should outperform the index, such as Palm Hills, Citadel, AMER and OTMT, this means that the market only moves with some stocks depending on a little news related to these stocks,” Feky added.