CAIRO: The Egyptian Exchange (EGX) rallied Wednesday, pushed by the positive performance of most blue chips led by the heavyweight CIB stock.
The EGX30 rose by 2.07 percent, registering 8,811.8 points, up from 8,633 points Tuesday. The small and mid-cap index EGX70 also went up by 1.63 percent, reaching 595 points compared to 585.7 points in the last session, and the broader index EGX100 added 1.14 percent to register 1,077.8 points.
Market capitalization gained around 6 billion EGP ($838.86 million,) totaling 495.9 billion EGP compared to 489.9 billion EGP Tuesday.
During the early trading, 123 stocks went up, 32 declined and 22 remained stagnant.
“The market went up amid a strong buying spree among foreign and Arab institutions along with foreign retailers. The market was up due to the positive performance of 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 in the coming few sessions, after many stocks reached attractive buy positions in 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.