CAIRO: The Egyptian Exchange (EGX) extended its winning streak at the open of Tuesday’s session, pushed by bullish performance of blue chips.
The benchmark index EGX30 rose by 1.08 percent, registering 9,936 points, compared to 9,830 Monday. Also, the small and mid-cap index EGX70 added 1.19 percent to hit 585.3 points, up from 578.4 points in the last session and the broader index EGX100 increased by 1.02 points, recording 1,157 points.
Market capitalization added around 1.9 billion EGP ($249 million,) edging toward 540.6 billion EGP, compared to 538.7 billion EGP Monday.
“The market was boosted by foreign and institutions’ purchases that was accompanied with thick liquidity, giving a sign of increasing confidence in the Egyptian market,” Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.
Gamal told The Cairo Post that the benchmark managed to penetrate 9,900 points eventually after re-testing the level of 9,800 points in past sessions.
“In light of this bullish performance, the market may breach its short-term target of 10,000 points during the rest of today’s session,” Gamal predicted.