CAIRO: The Egyptian Exchange (EGX) extended its winning streak at the close of Sunday’s session, powered by an investor upbeat sentiment over Cabinet’s decision to suspend capital gains’ tax for two years.
Pushed by local and foreign institutions’ purchases, the benchmark index EGX30 added 1.49 percent to end at 9,122 points, up from 8,988 points on Thursday.
Meanwhile, the small and mid-cap index EGX70 went up 1.55 percent to end at 488 points, compared to 480.6 points in its last session. The broader index EGX100 rose 1.21 percent as well, registering 1,015 points.
Market capitalization gained around 4.1 billion EGP ($537.3 million,) totaling 508.6 billion EGP, up from 504.5 billion EGP Thursday.
“The benchmark index is likely to continue its rally toward 9,250 points on the short-term,” Noha Raheel, head of technical analysis desk at Capital Security Brokerage told The Cairo Post Sunday.
Raheel recommended traders to hold on their stocks and respect the stop loss, while watching the market for new entry points.
The analyst predicted the EGX70 to extend its upward move movement to 500 points on the short-term.