EGX bullish at open, equities gain 2.2B EGP
Egyptian stock exchange in Cairo - YOUM7(Archive)

CAIRO: The Egyptian Exchange (EGX) rallied at open Sunday amid an investor upbeat sentiment, and strong purchases from local and Arab investors.

The benchmark index EGX30 rose by 0.7 percent, registering 10,035 points, compared to 9,965 Thursday. Also, the small and mid-cap index EGX70 added 0.72 percent to hit 602 points, up from 598 points in its last session. The broader index EGX100 increased by 0.61 points, recording 1,186 points.

Market capitalization added around 2.2 billion EGP ($288.14 million,) totaling 542 billion EGP, compared to 539.8 billion EGP Thursday.

Analysts said the market is expected to show a bullish performance and advance toward its target at 10,200 points this week, after recording the highest level since 2008 last week.

Last week, market capitalization added approximately 13 billion EGP ($1.7 billion,) shrugging off militant attacks in North Sinai, which killed at least 30 soldiers and civilians.

In comments to told The Cairo Post, Osool Securities Brokerage technical analysis head Ehab Saeed, reiterated a positive outlook for the market, saying:  “The benchmark will likely breach its next resistance of 10,200 points, if it manages to sustain above the support level of 9,800 points.”

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