EGX rallies at open, benchmark approaches 10,000-barrier
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) showed a collective rise at the open of its Tuesday session, pushed by blue chips positive performance.

The benchmark index EGX30 rose by 1.38 percent, registering 9,970 points, compared to 9, 834 Monday. Also, the small and mid-cap index EGX70 added a slight 0.98 percent to 578.4 points, up from 572.8 points in the last session. The broader index EGX100 increased by 0.97 points as well, recording 1,153 points.

Market capitalization gained around 5.1 billion EGP ($684.85 million), totaling 526.2 billion EGP, compared to 521.1billion EGP Monday.

“The market went up at open pushed by a strong buying spree among local traders and institutions, boosted by more stability in global markets and oil prices,” Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities told The Cairo Post Tuesday morning.

Gamal added that the buyers are seen controlling the market at this phase “which may lead the benchmark test the resistance level of 10,000 points soon.”

On Monday, the EGX 30 closed on a negative note, losing 0.65 percent as 17 of 30 index movers shut in the red area hurt by profit taking  that led the index to move below the support area of (9,800/9,830) points.

Meanwhile, the buyers had the hand after the mid-session and started buying at blue chips, pushing the index to close above its support level, said Gamal.

“Investors are advised to choose their stocks and they should also activate their stop loss tactic to avoid any risks that may occur,” the analyst recommended.

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