CAIRO: The Egyptian Exchange (EGX) shut on a positive note Wednesday boosted by an upbeat investor sentiment about the positive performance of the U.S. markets, following positive economic data.
The benchmark index EGX30 added 0.64 percent, registering 8,766 points, compared to 8,710 points yesterday. Also, the small and mid-cap EGX70 rose by 0.46 percent, recording 557.8 points, compared to 555 points in the last session. The broader EGX100 index went up 0.38 percent, registering 1,067 points.
Market capitalization gained 3.7 billion EGP ($517.45 million), totaling 493.1 billion EGP, compared to 489.4 billion EGP Tuesday.
“This 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 was 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 tended to sell 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 in the coming session,” said Abdel Rahman.