EGX rallies at open, benchmark hits 6-year high
Egyptian Exchange - YOUM7

CAIRO: The Egyptian Exchange (EGX) extended its bullish performance at the open of Wednesday’s session, as the benchmark index EGX30 penetrated the strong barrier of 10,000 points, the highest level since August 2008.

The benchmark rose by 0.9 percent, registering 10,045 points, compared to 9,954 Tuesday. Also, the small and mid-cap index EGX70 hiked 1.31 percent to hit 597.4 points, up from 589.6 points in its last session, and the broader index EGX100 increased by 1.4 points, recording 1,179 points.

Market capitalization gained around 2.7 billion EGP ($354 million) Tuesday, edging toward 541 billion EGP, compared to 538.3 billion EGP Tuesday.

“The bulls have dominated the market since the benchmark breached the level of (9,800-9,830 points) which enables the index to extend its rally toward 10,000 points,” said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.

Meanwhile, the market is expected to see profit taking activities on the short-term, which may drag the EGX30 downward the support level of between 9,800-9,830 points before resuming its rally toward 10,200 points in the coming weeks, Gamal told The Cairo Post.

On Tuesday, the market hit a positive note and the EGX30 added 1.26 percent (123.88 points,) as 25 of 30 index movers closed in the green area.

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