CAIRO: The Egyptian Exchange (EGX) soared Monday boosted by the positive performance of blue chips topped by market bellwether CIB.
The benchmark index EGX30 jumped 2.44 percent, registering 8,958 points compared to 8,745 points Sunday. Also, the small and mid-cap EGX70 rose by 1.94 percent, recording 571 points compared to 560 points in the last session. The broader EGX100 index went up 1.36 percent, registering 1,087 points.
Market capitalization gained around 3.8 billion EGP ($531.23 million), totaling 501.1 billion EGP compared to 497.3 billion EGP Sunday.
“The market rallied today, powered by the positive performance of big caps after penetrating the strong resistance of 8,800 points,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
Feky said passing this resistance was possible after the market moved sideways before preparing for another, higher target.
The benchmark faces a resistance level near 9,050 points, said Feky, adding that “a breach above this important level will push the market toward the important range between 9,340 points-9,500 points.”