EGX gains 4B EGP boosted by institution purchases
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) surged Thursday pushed by upbeat investor sentiment and the positive performance of most blue chips.

The benchmark index EGX30 went up by 1.83 percent, registering 9,115 points and up from 8,952 points Wednesday. The small and mid-cap index EGX70 also rose by 0.95 percent, reaching 609.9 points compared to 604 points in the last session, and the broader index EGX100 also increased 1.4 percent to register 1,110 points.

Market capitalization gained around 4.2 billion EGP ($587.29 million), totaling 504.2 billion EGP compared to 500 billion EGP yesterday.

During Thursday’s trading, 109 stocks went up, 55 declined and 14 remained stagnant. Turnover amounted to 1.17 billion EGP, compared to 1.28 billion EGP yesterday.

“The market resumed its rally powered by an institution buying spree after recovering from a 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 morning.

Helal added that 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.

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