EGX shuts above 10,000 pt resistance 
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) soared on Wednesday, as the benchmark index EGX30 breached above the barrier of 10,000 points, the highest level since August 2008.

The benchmark rose by 0.92 percent, registering 10,045 points, compared to 9,954 Tuesday. Also, the small and mid-cap index EGX70 hiked 1.21 percent to hit 596.7 points, up from 589.6 points in its last session, and the broader index EGX100 increased by 1.55 points, recording 1,181 points.

Market capitalization gained around 2.4 billion EGP ($310 million,) edging toward 540.7 billion EGP, compared to 538.3 billion EGP Tuesday.

The market shut on a positive note as the EGX30 added 0.92 percent, but only 9 of 30 index movers closed in the green area, said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.

If the benchmark managed to sustain above the support level of 10,000 points, it will be able to advance toward 10,200 points, Gamal added. However, the analyst predicted that the index is likely to face profit taking which may drag it to the support level of between 9,800-9,830 points.

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