CAIRO: The Egyptian Exchange (EGX) rallied Wednesday powered by institutions’ strong purchases amid positive performance of blue chips topped by the heavy weight CIB stock followed by Talaat Moustafa.
The benchmark index EGX30 hiked by 1.34 percent, registering 9,234 points compared to 9,112 points Tuesday. Also, the small and mid-cap EGX70 added 1.34 percent, recording 639.3 points compared to 630.8 points in the last session, and the broader index EGX100 also increased by 1.09 percent to register 1,146.5 points.
Market capitalization added around 5.4 billion EGP ($754.97 million,) totaling 521.5 billion EGP, compared to 516.1 billion EGP Tuesday.
“The indexes and the shares extended their uptrend as the bulls gained more power that pushed 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 from 9,030 points to 8,870 points.
“Traders are recommended to re-purchase 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 stocks closed above their highs, indicating they recovered from the recent downward correction.