EGX shuts on positive note powered by institutions’ purchases
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) ended in green Wednesday, getting support from a strong buying spree among institutions after a three-day dip.

The benchmark index EGX30 rose by 1.28 percent, registering 9,304 points compared to 9,187points Tuesday. The small and mid-cap EGX70 added a slight 0.05 percent, recording 628.7 points compared to 628 points in the last session. The broader index EGX100 went up by 0.53 percent to register 1,140 points.

Market capitalization shed around 3.8 billion EGP ($531.28 million,) totaling 517.4 billion EGP, compared to 513.6 billion EGP Tuesday.

The market re-tested support levels from which it rebounded and managed to sustain above 9,300 points, Mona Moustafa, a technical analyst at the African Economic Group, told The Cairo Post.

Moustafa advised investors to conduct some trades on small-caps with strong movement while keeping cash for any possible decline.

Egypt’s market lost ground over three consecutive sessions rattled by local unrest following a final court ruling that dropped charges against former President Hosni Mubarak over the killing of protesters during the 2011 January 25 Revolution.

Additionally, Egypt’s capital market was hurt by Arab sell-offs following the OPEC decision Sunday not to cut oil output.

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