CAIRO: The Egyptian Exchange (EGX) extended its rally Thursday, shrugging off Islamist calls for anti-regime protests Friday, Nov. 28.
The benchmark index EGX30 rose by 0.99 percent, registering 9,325 points compared to 9,234 points Wednesday. Also, the small and mid-cap EGX70 added 0.44 percent, recording 642 points compared to 639.3 points in the last session, and the broader index EGX100 also increased by 0.62 percent to register 1,153 points.
Market capitalization added around 2.5 billion EGP ($350 million), totaling 524 billion EGP compared to 521.5 billion EGP Wednesday.
Mona Moustafa, technical analyst at the African Economic Group, attributed the extended hike to current selective buying momentum.
Moustafa told The Cairo Post that traders are anticipating possible unrest or violence during the weekend. “If this day ends peacefully, this will likely fuel trading next week and will motivate traders to inject more liquidity and take more risk, especially for institutions that started to build long-term positions.”
Moustafa said the EGX30 has resistance from 9,270 points to 9,330 points, and support from 9,158 points to 9,055 points. She advised traders to watch their stocks carefully while monitoring the turnover to set repurchasing points.
Egypt’s stock market surged Wednesday propelled by institutions’ strong purchases amid the positive performance of blue chips, topped by the heavyweight CIB stock followed by Talaat Moustafa.