EGX rallies over foreign purchases, benchmark up 1.26%
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) posted a strong rebound from a week-long slip at the close of Sunday’s session, backed by foreign purchases.

The benchmark index EGX30 picked up 1.26 percent to end at 8,512 points, up from 8,406 points on Thursday.

Further, the small and mid-cap index EGX70 added 0.91 percent to end at 459.7 points, compared to 446.7 points in its last session. The broader index EGX100 also rose by 0.88 percent to close at 952.5 points.

Market capitalization gained around 3.5 billion EGP ($459 million,) totaling 489.6 billion EGP, up from 486.1 billion EGP Thursday.

Ehab Saeed, Osool Securities Brokerage technical analysis head had expected the EGX to show a bullish performance this week.

“The benchmark is projected to rebound from current levels and re-test 8,600 points,” saeed said in a weekly report.

He also expected the small and mid-cap index to ride an upward correction to re-test the resistance level of 460 points.

Last week, Egypt’s bourse lost ground and equities lost around 4 billion EGP, coupled with thin liquidity during the first week of Ramadan.

The benchmark i slipped 1.99 percent to end the week at 8,406 points, compared to 8,577 points a week earlier.

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