CAIRO: The Egyptian Exchange (EGX) rebounded Monday, boosted by Arab and foreign purchases following Sunday’s dip over deadly militant attacks on North Sinai.
The benchmark index EGX30 rose by 0.52 percent, registering 9,830 points, compared to 9,779 Sunday. Also, the small and mid-cap index EGX70 added 0.77 percent to hit 578.4 points, up from 573.9 points in the last session and the broader index EGX100 increased by 0.56 points, recording 1,145 points.
Market capitalization added around 7 billion EGP ($919.89 million,) edging toward 538.7 billion EGP, compared to 531.7 billion EGP Sunday.
The market closed on a positive note and the benchmark added 0.52 percent as 15 of 30 index movers shut in the green area ,” Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.
Gamal added that the EGX30 managed to advance after a sideways performance at the previous five sessions, boosted by the buyers who kept the index around the support area between 9,800-9830 points.
Meanwhile, the sellers were not aggressive, which gave a chance to progress toward the resistance level of 10,000 points, Gamal added.
“Short- term investors are advised to add to their portfolios near support levels. They also should activate their stop-loss tactic to avoid any risks that may occur. Meanwhile, long and medium-term investors are recommended to hold on their position,” Gamal concluded.