CAIRO: The Egyptian Exchange (EGX) ended on a collective rise Tuesday after rebounding from a slight slide at open, backed by purchases of foreign traders.
The benchmark index EGX30 rose by 0.33 percent, closing at 9,760 points, up from 9,728 points Monday. The small and mid-cap index EGX70 went up by 0.36 percent, amounting to 625.8 points, higher than 623 points from its last session. The broader index EGX100 also increased by 0.34 percent to reach 1,147 points.
Market capitalization added around 1.3 billion EGP ($181.75 million,) amounting to 526 billion EGP compared with 524.7 billion EGP from its last session.
“The main index managed to break above its resistance level around 9,750 because of the buying power that appeared at both big and small caps which led the index to close at 9,760 points,”Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
Feky noted that this is the 5th test for the important resistance level of 9,750 points. “So, we should watch the index how will act during the coming few session,” he recommended.
The EGX30 faces a resistance at 9,750 points, followed by the 9,900 level, while the 9,500 level acts as a first support followed by 9,340 points, Feky said.