CAIRO: The Egyptian Exchange (EGX) ended the week in positive territory after trimming Thursday’s early gains amid the positive performance of blue chips, namely real estate and telecom stocks.
The benchmark index EGX30 rose by 0.41 percent, registering 9,258 points, up from 9,220 points Wednesday. The small and mid-cap EGX70 added 0.13 percent, recording 646.3 points compared to 645.5 points in the last session, and the broader index EGX100 also increased by 0.45 percent to register 1,155 points.
Market capitalization shed around 4.2 billion EGP ($587.2 million) totaling 525.1 billion EGP, compared to 529.3 billion EGP Wednesday.
The market was also boosted by bullish investor sentiment among Arab traders and local institutions.
“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 an entry point.”