CAIRO: The Egyptian Exchange (EGX) resumed its bullish uptrend Sunday, boosted by positive performance from most blue chips and purchases by Arab investors.
The benchmark index EGX30 jumped 2.04 percent, registering 9,301 points and up from 9,115 points Thursday. The small and mid-cap index EGX70 also rose by 0.85 percent, reaching 615 points compared to 609.9 points in the last session, and the broader index EGX100 also increased 1.11 percent to register 1,122 points.
Market capitalization gained around 4.8 billion EGP ($670.5 million), totaling 509 billion EGP compared to 504.2 billion EGP Thursday.
During early trading, 101 stocks went up, 19 declined and 11 remained stagnant.
“The benchmark index has lately bounced off the support level of 8,600 points and then breached above the resistance level of 8,835 points,” Ibrahim el-Nemr, Technical Analysis Desk head at Naeem Brokerage, told The Cairo Post Sunday morning.
“These bullish signs may lead to a climb toward 9,600 points in the short-term. A breach above the resistance level of 9,830 may send it higher towards 10,200 points in the medium term,” he added.