CAIRO: The Egyptian Exchange (EGX) extended its winning streak at the open of Thursday’s session amid upbeat investor sentiment and the positive performance of most blue chips.
The benchmark index EGX30 went up by 1.11 percent, registering 9,051 points and up from 8,952 points Wednesday. The small and mid-cap index EGX70 also rose by 0.55 percent, reaching 607 points compared to 604 points in the last session, and the broader index EGX100 also increased 0.9 percent to register 1,104 points.
Market capitalization gained around 5.6 billion EGP ($783.14 million), totaling 505.6 billion EGP compared to 500 billion EGP yesterday.
During early trading, 62 stocks went up, 38 declined and 23 remained stagnant.
“The market resumed its rally powered by foreign purchases after recovering from the sharp downward correction as the bulls gained momentum and appeared around the level of 8,600 points,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post Thursday.
Helal added the benchmark index is now targeting 9,300 points, but minimal profit-taking activities are greatly expected around 9,050 points before the upward wave resumes.