CAIRO: The Egyptian Exchange (EGX) opened Wednesday on a collective rise boosted by an upbeat investor sentiment about the positive performance of the U.S. markets, following positive economic data.
The benchmark index EGX30 added 0.96 percent, registering 8,794 points, compared to 8,710 points yesterday. Also, the small and mid-cap EGX70 rose by 0.3 percent, recording 557 points, compared to 555 points in the last session. The broader EGX100 index went up 0.4 percent, registering 1,067 points.
Market capitalization gained 4.4 billion EGP ($615.6 million), totaling 492.8 billion EGP, compared to 488.4 billion EGP Tuesday.
“This morning rise was mainly powered by the investors’ optimism about the U.S. positive performance,” chief technical analyst at Helwan Securities Ahmed Abdel Rahman told The Cairo Post.
OTMT gained the top performer today, leading the benchmark index to approach its short term resistance at 8,800 points, said Abdel Rahman.
Meanwhile, the analyst said foreign traders are to be selling during the rest of the session to save liquidity during Christmas.
“The main index is expected to trade sideways between (8,470- 8,835) points until the end of the week,” said Abdel Rahman.