CAIRO: The Egyptian Exchange (EGX) ended on collective rise Tuesday, as the benchmark index rebounded amid an upbeat sentiment among Arab retailers and institutions.
The benchmark index EGX30 ended 1.11 percent higher; registering 8,744 points, up from 8,649 points Monday. The small and mid-cap index EGX70 also went up by 2.4 percent, reaching 596.9 points compared to 583 points in the last session, and the broader index EGX100 also increased 1.8 percent to register 1,078 points.
Market capitalization gained around 3.3 billion EGP ($461.49 million,) totaling 494.3 billion EGP compared to 491 billion EGP Monday.
During Monday’s trading, 134 stocks went up, 18 declined and 21 remained stagnant. Telecom and housing stocks led the market rally Tuesday.
The main index managed to off-set its morning loss buoyed by Arab purchases, which pushed it to advance toward its short-term resistance level at 8,700 points.
“Despite the positive note, the EGX 30 failure to hold above 8,800 points indicated that bulls lost their momentum,” Ibrahim el-Nemr, Technical Analysis Desk head at Naeem Brokerage, told The Cairo Post Tuesday.
Therefore, the main index is likely to test the support level of 8,470 points once again, Nemr added, advising traders to sell the rally.