CAIRO: The Egyptian Exchange (EGX) rebounded and rallied at its open Monday, backed by a strong buying spree after the benchmark index EGX30 breached its correction target at 9,600 points Sunday.
The EGX30 rose by 1.51 percent, registering 9,748 points, up from 9,603 points Sunday. The small and mid-cap index EGX70 rose by 0.98 percent, reaching 626.7 points, higher than its 620.7 points from its last session and the broader index EGX100 increased by 1.03 percent to register 1,152 points.
Market capitalization added around 800 million EGP ($111.84 million), amounting to 523.8 billion EGP compared with 523 billion EGP Sunday.
“The market rebounded at opening after the benchmark index reached its correction target at 9,600 points in the previous session, restraining the selling powers and enabling the motivated bulls to lead the market toward the successive peaks of 9,750 points, then 9,820 points,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post.
Helal added that the main index will target 10,200 points if it manages to penetrate the 9,820-point barrier after the Eid al-Adha holiday assuming a date is finally set for parliamentary elections.