CAIRO: The Egyptian Exchange (EGX) rallied Monday pushed by a strong buying spree on leading shares, namely by local and foreign institutions.
The benchmark index EGX30 added 2.24 percent, registering 9,109 points compared to 8,909 points Sunday. Also, the small and mid-cap EGX70 rose by 0.93 percent, registering 576 points, compared to 571 in its last session. The broader EGX100 index added 1.3 percent as well.
Market capitalization added around 5.2 billion EGP, totaling 501.5 billion EGP ($71.1 billion.)
“The EGX30 penetrated 9,050 points and advanced toward 9,110 with good volume,” Noha Raheel, head of technical analysis desk at Capital Security Brokerage told The Cairo Post Monday.
Raheel expected the market to extend its rally in the coming session, targeting 9,200 points in the short-term.
“Traders are recommended to wait for new entry, respect the stop-loss and watch the market for entry point,” she concluded.