CAIRO: The Egyptian Exchange (EGX) rebounded at the open of Wednesday’s session powered by positive performance of blue chips amid an investor buying spree.
The benchmark index EGX30 hiked by 0.82 percent, registering 9,187 points compared to 9,112 points Tuesday. Also, the small and mid-cap EGX70 added 0.88 percent, recording 636 points compared to 630.8 points in the last session, and the broader index EGX100 also increased by 0.75 percent to register 1,142 points.
Market capitalization added around 3 billion EGP ($419.4 million,) totaling 519.1 billion EGP, compared to 516.1 billion EGP Monday.
“The indexes and the shares will likely extend the uptrend that appeared in the middle of the past session as the bulls will push stocks to re-test their resistance levels with a relative increase in turnover,” Mona Moustafa, technical analyst at the African Economic Group told The Cairo Post.
Moustafa said that the EGX30 has resistance from 9,270 points to 9,330 points, and support at 9,030 points to 8,870 points.
“Traders are recommended to set points of re-purchasing strong stocks that rebounded from main support levels with active trading. They should also conduct some trades on the highly fluctuating small-caps,” she concluded.
Egypt’s stock market shut ended on a mixed note yesterday after off-setting morning losses, getting support from positive performance of blue chips after the mid-session.
Walid Helal, a technical analyst at El-Mokattam Securities Brokerage told The Cairo Post Tuesday that most stock closed above their highs, indicating they have recovered from the recent downward correction.