CAIRO: The Egyptian Exchange (EGX) ended on a collective rise Tuesday, backed by a strong buying spree among retail investors, pushing the main index EGX30 above the 9,800-point barrier.
The EGX30 rose by 0.32 percent, registering 9,811 points, up from 9,779 points Monday. The small and mid-cap index EGX70 went up by 0.72 percent, reaching 637 points, higher than its 632.7 points from its last session and the broader index EGX100 increased by 0.59 percent to register 1,167.90 points.
Market capitalization added around 600 million EGP ($83.8 million), amounting to 526.2 billion EGP compared with 525.6 billion EGP Sunday.
“The EGX 30 inched higher from level of 9,600 points, heading toward 9,820 points,” Ibrahim El Nemr, head of technical analysis at Naeem Brokerage told The Cairo Post.
A breach above 9,820 points with a relatively high volume may bolster the index to reach 10,050 points, Nemr added.
He advised traders to be selective when choosing their stocks and stop-loss upon closing below 9,600 points.
Local traders tended to purchase during today’s trading, while Arabs and foreigners mostly sold.