CAIRO: The Egyptian Exchange (EGX) rebounded strongly at the close of Monday’s session, pushed by a strong buying spree form local institutions.
The benchmark EGX30 edged up by 1.86 percent, registering 9,456 points, compared to 9,283 Sunday. Also, the small and mid-cap index EGX70 added 1.34 percent to hit 565.1 points, up from 557.7 points in its last session. The broader index EGX100 also went up 1.3 points, registering 1,126 points.
Market capitalization hiked to 515 billion EGP, compared to 509.2 billion EGP Sunday.
“The rebound was strongly anticipated due to the extended slip over the past session, where most stock were near their support levels which is a buy signal for short-term investors,” said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.
The EGX30 closed on a positive note as 26 of 30 index movers shut in the green area, Gamal Eldin told The Cairo Post.
Turnover is expected to witness a gradual improvement in the coming period, which would push the benchmark to resume its rally and re-test the resistance level near 9,600 points on the short-term, he added.