CAIRO: The Egyptian Exchange (EGX) extended its rally at the open of Thursday’s session backed by positive performance of blue chips, namely real estate and telecom stocks.
The benchmark index EGX30 rose by 0.65 percent, registering 9,279 points, up from 9,220 points Wednesday. The small and mid-cap EGX70 added 0.64 percent, recording 649.6 points compared to 645.5 points in the last session , and the broader index EGX100 also increased by 0.81 percent to register 1,159 points.
Market capitalization shed around 3.8 billion EGP ($531.28 million,) totaling 525.5 billion EGP, compared to 529.3 billion EGP Wednesday.
The market also got support from Arab traders’ along with local institutions’ buying spree.
“The benchmark may return back to 9,000 points as a short-term correction,” Capital Securities Brokerage technical analysis head Noha Raheel told The Cairo Post Thursday.
Raheel urged traders to “watch the volume, take profit, respect the stop loss and watch the market for entry point.”