CAIRO: The Egyptian Exchange (EGX) rallied at open of Wednesday’s session, powered by the positive performance of most blue chips led by the heavyweight CIB stock.
The EGX30 rose by 1.68 percent, registering 8,777 points, up from 8,633 points Tuesday. The small and mid-cap index EGX70 also went up by 0.92 percent, reaching 591 points compared to 585.7 points in the last session, and the broader index EGX100 added 0.93 percent to register 1,075 points.
Market capitalization gained around 4.1 billion EGP ($573.2 million,) totaling 494 billion EGP compared to 489.9 billion EGP Tuesday.
During the early trading, 87 stocks went up, 12 declined and 19 remained stagnant.
“The market went up amid a strong buying spree namely among traders, namely on most leading stocks topped by the CIB, OTMT, Talaat Moustafa, Palm Hills and Sodic,” Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post.
Abdel Rahman predicted that the benchmark index may rebound to test the levels of 9,160 and 9,315 points, after many stocks reached attractive buy positions on the short-term.
The EGX will trade sideways in the medium-term as its uptrend was broken after the main index breached below the level of 8,800 points during the past few sessions, Abdel Rahman added.