CAIRO: The Egyptian Exchange (EGX) rebounded Thursday following a two-session dip over global markets’ negative performance after Brent crude oil breached below $50 per barrel.
The EGX was closed Wednesday, Jan. 07, in observance of the Orthodox Christmas holiday.
The benchmark index EGX30 hiked 1.68 percent, registering 8,946 points compared to 8,799 points Tuesday. Also, the small and mid-cap EGX70 rose by 1.55 percent, registering 572 points, compared to 563.3 in its last session.
The broader EGX100 index increased by 1.51 percent, registering 1,111 points, compared to 1,095 points at Tuesday’s close.
Market capitalization added around 5 billion EGP ($699.21 billion,) totaling 498.7 billion EGP compared to 493.7 billion EGP.
“The market rebounded strongly Thursday after its plunge over a slump in Gulf markets due to the oil price’s breach below $50 per barrel,” Walid Helal, a technical analyst at El-Mokattam Securities Brokerage, told The Cairo Post.
As the market still has an uptrend along some positive news, it rebounded immediately from the support level of 8,800 points toward its resistance at 9,050 points, added Helal.
“A breach above 9,050 points will push the benchmark toward higher targets in the coming period,” the analyst concluded.