CAIRO: The Egyptian Exchange (EGX) collectively rose at the open of Sunday’s session pushed by bullish sentiment from local traders and the positive performance of the small and mid-cap indexes.
The benchmark index EGX30 added 0.52 percent, registering 9,308 points and up from 9,260 points Thursday, and the small and mid-cap EGX70 jumped by 1.43 percent, recording 635.9 points compared to 626 points in the last session. The broader index EGX100 also increased—by 1.07 percent—to register 1,137 points.
Market capitalization added around 1.4 billion EGP ($195.56 million), totaling 540.9 billion EGP compared to 539.5 billion EGP Thursday.
“Egyptian investors’ buying spree along with small and medium stocks pushed the market indexes up at open, while the blue chips traded sideways with no power,” Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post Sunday morning.
Despite the hike, the analyst predicted that the market may ride a calm downward wave amid upbeat investor sentiment. “Meanwhile, the EGX will probably plunge soon over traders’ panic,” he said.
If the benchmark index breaches below 9,160 points, the market will witness a “sharp” dip, said Abdel Rahman, adding that a rebound should be a profit-taking recommendation as long as the EGX30 does not penetrate 9,820 points.