EGX gains 1B EGP boosted by local institution purchases
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) ended on a mixed note Thursday as the benchmark index EGX30 offset its morning losses triggered from selling pressures after reaching a new 6-year high Wednesday.

The EGX30 added 0.24 percent to hit 9,650 points, compared to 9,627 points Wednesday. In turn, the small and mid-cap index EGX70 decreased by 0.56 percent, registering 659.9 points, down from 663.6 points last session and the broader index EGX100 lost 0.4 percent to reach 1,176 points.

Market capitalization added around 1 billion EGP ($139.8 million), reaching 529.1 billion EGP, compared to 528.1 billion EGP in its last session.

“The benchmark rebounded due to local institution purchases,” Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post Thursday.

Abdel Rahman attributed the morning collective to technical indicators, as the benchmark index managed to hit its target at 9,670 points.

Abdel Rahman added that today’s session also coincided with the first day of the issuance of Suez Canal investment certificates, which attracted cash liquidity from the stock market, namely from retail investors.

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