CAIRO: The Egyptian Exchange (EGX) resumed its upward at open of Wednesday’s session, pushed by an investor upbeat sentiment and positive performance of the market bellwether CIB.
The benchmark index EGX30 added 1.81 percent, registering 9,477 points compared to 9,309 points Tuesday. Also, the small and mid-cap EGX70 rose by 0.28 percent, registering 585 points, compared to 583.5 in its last session. The broader EGX100 index added 1.4 percent as well, reaching 1,160 points.
Market capitalization gained around 5.2 billion EGP ($720 million,) totaling 514.2 billion EGP, compared to 509 billion EGP yesterday.
“The EGX30 extended its upward at open of Wednesday’s session powered by blue chips positive performance, namely CIB and Ezz Steel,” Adham Gamal Eldin head of the technical analysis desk at Cairo Capital Securities told The Cairo Post.
Gamal said the market is expected to trade sideways with a downward tendency during the rest of the session, citing profit taking activities, in addition to oil price dip and the negative close of U.S. markets.
“To continue the uptrend in the coming period, the CIB should penetrate 52 EGP first,” Gamal concluded.