CAIRO: The Egyptian Exchange (EGX) rebounded Thursday amid investor upbeat sentiment due to the bullish performance of real estate and financial stocks.
The benchmark index EGX 30 rose by 0.65 percent to hit 9,435 points, compared to 9,374 points Wednesday. The small and mid-cap index EGX70 increased 0.26 percent, registering 658.7 points, up from 657.1 points last session and the broader index EGX100 also increased 0.34 percent to reach 1,168.8 points.
Market capitalization gained around 1.2 billion EGP ($167.8 million), reaching 524.2 billion EGP, down from 523 billion EGP last session.
“The market managed to rebound pushed by the performance of the big caps, especially in the financial and real estate sectors,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
He said that Amer Group, Citadel Capital, Oriental Weavers, Sodic, Sidi Kerir led the market rally. EGX 30 is still inside the same zone, rebounding from the support level of 9,340 – 9,280 points, down from its 9,500-point target, Feky added.
“Short-term investors should trade between the normal levels till we can see other signs of strength or weakness inside the market,” Feky said.