CAIRO: The Egyptian Exchange (EGX) ended in the green Monday after the benchmark index EGX30 offset its morning losses boosted by purchases from local institutions and Arab individuals.
The EGX30 rose by 0.2 percent to hit 9,446 points compared to 9,427 points Sunday. The small and mid-cap index EGX70 added 0.92 percent, amounting to 623 points, up from 618 points last session and the broader index EGX100 also increased by 0.66 percent to reach 1,127 points.
Market capitalization added around 1.7 billion EGP ($237.67 million), totaling 518.1 billion EGP, compared to 516.4 billion EGP in its last session.
“The market managed to sustain above the strong level of 9,340 points and the majority of big caps managed to rebound from their lows with a weak volume compared to the normal volumes of the market,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
Feky added that the small and mid caps rebounded after approaching 600 points as the major support for the EGX70 index. “This rebound leads us to believe there will be opportunities inside the market in the short-term.”
Head of technical analysis at Arab Finance Osama Naguib said there is a state of balance between the bulls and the bears comparing the 38 stocks inside the red zone to those 94 shares in the green. “This is a sign of positive performance where the market is expected to stop its slip,” the analyst told The Cairo Post.