EGX gains 3B EGP powered by foreign purchases at open
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) extended its winning streak at the open of Tuesday’s session pushed by bullish sentiment foreign investors.

The benchmark index EGX30 climbed by 1.2 percent, registering 9,550 points and up from 9,437 points Monday. The small and mid-cap index added 0.43 percent, recording 621 points compared to 618.3 points in the last session. The broader index EGX100 also increased 0.58 percent to register 1,135.8 points.

Market capitalization gained around 3 billion EGP ($419.5 million,) totaling 511.7 billion EGP, compared to 508.7 billion EGP Monday.

During early trading, 71 stocks went up, 16 declined and 22 remained stagnant.

“The benchmark index broke the resistance level of 9,300 points with big volume. It is expected to return back to 9,250 points as a correction this week,” Capital Securities Brokerage technical analysis head Noha Raheel told The Cairo Post Tuesday.

Raheel advised traders to watch the volume, take profit, respect the stop loss and watch the market for an entry point.

Osama Naguib, Arab Finance’s technical analysis head, said in the daily report that the market’s upward movement is still “healthy” but “slow,” citing profit taking activities.

Naguib added that the level of 9,000 points will be a primary support for the main index, advising short-term traders to take profit partially and wait for a new buy signal.

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