CAIRO: The Egyptian Exchange (EGX) rallied at the open of Tuesday’s session, boosted by an investor upbeat sentiment, namely among Arab and foreign traders.
The benchmark jumped 2.2 percent up, recording 9,809 points, higher than 9,599 points Monday. The small and mid-cap EGX70 rose by 0.85 percent, registering 573 points, compared to 568 yesterday. Also, the broader EGX100 index added 1.2 percent, reaching 1,153 points, up from 1,140 in the last session.
Market capitalization gained around 6.5 billion EGP ($896.44 million,) totaling 519.5 billion EGP, compared to 513 billion EGP Monday.
Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities attributed the rise to the positive performance of most blue chips, led by the heavyweight CIB, EFG-Hermes and Talaat Moustafa.
Gamal expected a bullish performance if the EGX30 sustained above its resistance level of 9,580 points Tuesday as the index shut Monday on a positive note, adding 0.72 percent as 19 of 30 index movers closed in the green area, he added.
“This rebound boosted the index to close above the resistance level of 9,580 points which may push the market toward 9,800 points once again if the index succeeded to sustain above it,” Gamal said.