EGX extends rally with big volume, benchmark hikes 2.2%
Egyptian Exchange - YOUM7 (Archive)
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CAIRO: The Egyptian Exchange (EGX) extended its winning streak amid thick liquidity Tuesday, boosted by an investor upbeat sentiment, especially among local and Arab institutions.

The benchmark index EGX30 added 2.19 percent, registering 9,309 points compared to 9,109 points Monday. Also, the small and mid-cap EGX70 rose by 1.24 percent, registering 583.5 points, compared to 576 in its last session. The broader EGX100 index added 1.67 percent as well, closing at 1,144 points.

Market capitalization gained around 7.5 billion EGP, totaling 509 billion EGP ($1.1 billion), compared to 501.5 billion EGP yesterday.

“The EGX30 extended its rally during Tuesday’s session and breached above its resistance level of 9,300 points, powered by a strong buying spree among local and Arab individuals along with institutions,” head of the technical analysis desk at Cairo Capital Securities Adham Gamal Eldin told The Cairo Post.

Today’s session also noted a significant rise in turnover and most stocks went up not only in a certain category. “This gives a positive sign that the index may sustain above its support and progress to re-test its key resistance level at 9,580 points in the coming period,” Gamal added.

 

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