CAIRO: The Egyptian Exchange (EGX) rallied Tuesday boosted by an investor upbeat sentiment and blue chips’ positive performance.
The benchmark index EGX30 rose by 1.14 percent, registering 9,937 points, compared to 9, 834 Monday. Also, the small and mid-cap index EGX70 edged up 1.19 percent to 579 points, up from 572.8 points in the last session. The broader index EGX100 increased by 0.37 points as well, recording 1,146 points.
Market capitalization gained around 3.8 billion EGP ($510.9 million), totaling 524.9 billion EGP, compared to 521.1 billion EGP Monday.
Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities attributed the rise namely to institutions purchases in light of more stability in global markets and oil price.
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.”
“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.