EGX ends in green, benchmark to target 9,800 ahead of Econ Summit
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) shut on a collective rise Sunday, pushed by positive performance of blue chips, namely the market bellwether CIB stock.

The benchmark EGX30 went up 0.65 percent, registering 9,638 points, compared to 9,576 Thursday. Also, the small and mid-cap index EGX70 added 0.25 percent to hit 567.9 points, up from 566.5 points in its last session. The broader index EGX100 also went up 0.38 points, registering 1,135 points.

Market capitalization inched up to 516.6 billion EGP, compared to 514.8 billion EGP Thursday.

Mohamed Gaballah, a capital market expert, said the market is seen as bullish this week ahead of the upcoming Egypt Economic Development Conference (EEDC,) scheduled to be held in the resort town of Sharm el-Sheikh March 13-15.

Egypt plans to promote 60 projects at the much-publicized economic conference, with the aim of luring fresh investments to boost its limping economy.

“The benchmark is expected to advance toward 9,800 points as several stocks have given strong buy signals recently not only the heavy weight CIB,” Gaballah told The Cairo Post.

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