EGX rallies powered by blue chips
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) extended its winning spree Sunday, pushed by positive performance from most blue chips and purchases by Arab and foreign investors.

The benchmark index EGX30 jumped 2.1 percent, registering 9,306 points and up from 9,115 points Thursday. The small and mid-cap index EGX70 also rose by 1.31 percent, reaching 617.9 points compared to 609.9 points in the last session, and the broader index EGX100 also increased 1.51 percent to register 1,126.7 points.

Market capitalization gained around 300 million EGP ($41.9 million), totaling 504.5 billion EGP compared to 504.2 billion EGP Thursday.

During Sunday’s trading, 114 stocks went up, 34 declined and 26 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.

“These bullish signs may lead to a progress 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.

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