CAIRO: The Egyptian Exchange (EGX) ended on a positive note Monday backed by bullish sentiment from Arab and foreign investors.
The benchmark index EGX30 rose by 1.4 percent, registering 9,437 points and up from 9,306 points Sunday, and the small and mid-cap index EGX70 managed to close in the green after trimming morning gains. The index ended up 0.07 percent, reaching 618.3 points compared to 617.9 points in the last session. The broader index EGX100 also increased 0.23 percent to register 1,129 points.
Market capitalization gained around 4.2 billion EGP ($587.36 million), totaling 508.7 billion EGP compared to 504.5 billion EGP Sunday.
During Monday’s trading, 80 stocks went up, 73 declined and 25 remained stagnant.
Mona Moustafa, a technical analyst at the African Economic Group, told The Cairo Post Monday that the benchmark has a resistance level between 9,340-9,430 points, and a support level at 9,050 points followed by 8,800 points.
Moustafa advised traders to monitor the stock performance and trading volumes carefully. Investors also should selectively buy strong stocks, she added.