CAIRO: The Egyptian Exchange (EGX) extended its winning streak Thursday boosted by upbeat local investor sentiment, and as the market recovered from a three-day dip.
The benchmark index EGX30 rose by 1.65 percent, registering 9,458 points compared to 9,304 points Wednesday, and the small and mid-cap EGX70 went up a percent, recording 634.9 points compared to 628.7 points in the last session. Also, the broader index EGX100 went up by 1.19 percent to register 1,153 points.
Market capitalization gained around 4.4 billion EGP ($615.16 million), totaling 521.9 billion EGP. Previously, it reached 517.4 billion EGP Wednesday.
The benchmark index resumed its rally as the buyers dominated the market, pushing it toward its short-term target of 9,500 points with big volume, Capital Securities Brokerage technical analysis head Noha Raheel told The Cairo Post.
“The bulls drove the EGX30 to 9,450 points in the midday, as indicators were giving positive signs,” Raheel said, attributing the rise to institutions’ purchases.
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.