CAIRO: The Egyptian Exchange (EGX) extended its winning streak at the open of Thursday’s session powered by the positive performance of blue chips amid bullish investor sentiment, and as the market recovered from a three-day dip.
The benchmark index EGX30 rose by 1.19 percent, registering 9,415 points compared to 9,304 points Wednesday, and the small and mid-cap EGX70 added 0.87 percent, recording 634 points compared to 628.7 points in the last session. Also, the broader index EGX100 went up by 0.99 percent to register 1,151 points.
Market capitalization gained around 3.7 billion EGP ($517.3 million) totaling 521.1 billion EGP. Previously, it reached 517.4 billion EGP Wednesday.
The benchmark index will likely continue its rally as the buyers dominated the market, pushing it above its support level of 9,300 points with big volume, Capital Securities Brokerage technical analysis head Noha Raheel told The Cairo Post.
“It is expected that the bulls may drive the EGX30 to 9,450 points in the midday, as indicators are still giving positive signs,” Raheel said.
She advised traders to watch the volume, take profit and respect stop loss limits.
Egypt’s market eventually shut on a positive note Wednesday, after losing ground for 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.
The market was also hurt by Arab sell-offs following the Sunday OPEC decision not to cut oil output.