CAIRO: The Egyptian Exchange (EGX) ended on a positive note Monday after off-setting morning losses, backed by the heavyweight CIB’s rebound and local institutions’ and foreign investors’ purchases.
The benchmark index EGX 30 rose by 0.06 percent to hit 9,452 points, compared to 9,446 points Sunday. The small and mid-cap index EGX70 increased 0.99 percent, registering 666.9 points, up from 660 points last session and the broader index EGX100 added 0.61 percent to reach 1,177 points.
Despite the up close, market capitalization shed around 300 million EGP ($41.95 million,) reaching 523.5 billion EGP, up from 523.8 billion EGP in its last session.
“The market managed to end in the green after the benchmark index trimmed its morning loss boosted by the rebound of the market bellwether CIB, followed by the real estate sector, namely Sodic,” Osool Securities Brokerage head of technical analysis Ehab Saeed told The Cairo Post.
Saeed said the rebound is giving a sign that EGX30 may re-test its strong resistance at 9,500 points in the next session.
“EGX70 rallied and was able to cross its resistance barrier at 666 points, supported by the positive performance of ginning and spinning stocks along with other small and mid caps,” Saeed added.
Saeed attributed the sideways trading to investors’ anticipation of the issuance of the Suez Canal Investment Certificates that are expected to be available in the coming days.