Indexes of the Egyptian Exchange (EGX) ended Wednesday’ session higher narrowing their early losses, supported by buying activities from Egyptian and Arab institutions.
Benchmark index EGX30 rose 0.83% or 63.61 points at 7768.11 points, crossing the 7700 point level.
Small and mid-cap index EGX70 rose by 1.31% or 7.62 points to 588.63 points. Meanwhile, the broader index EGX100 ended 1.24% higher at 1031.63 points.
Market capitalization gained about EGP 2.4 billion to reach EGP 463.311 billion. Foreign and Arab investors leaned to buying, as Egyptians leaned to selling.
Mona Mostafa, technical analyst, at the African Group, stated that EGX indices ended today higher after narrowing their early losses, due to the buying activities by institutions, particularly, local ones.
She added that this would encourage retail investors to re-inject liquidity, expecting the positive performance to continue; that move sideways with upward bias will dominate trading in end of week session, with maintained low turnover.
EGX30 is still resisting 7861 points, then 8011 points to be supported at 7700 points then at 7530 points. EGX70 is resisting 592 points, then 600 points to be supported at 579 points, then at 572 points, she explained.
Benchmark index EGX30 rose 0.83% or 63.61 points at 7768.11 points, crossing the 7700 point level.
Small and mid-cap index EGX70 rose by 1.31% or 7.62 points to 588.63 points. Meanwhile, the broader index EGX100 ended 1.24% higher at 1031.63 points.
Market capitalization gained about EGP 2.4 billion to reach EGP 463.311 billion. Foreign and Arab investors leaned to buying, as Egyptians leaned to selling.
Mona Mostafa, technical analyst, at the African Group, stated that EGX indices ended today higher after narrowing their early losses, due to the buying activities by institutions, particularly, local ones.
She added that this would encourage retail investors to re-inject liquidity, expecting the positive performance to continue; that move sideways with upward bias will dominate trading in end of week session, with maintained low turnover.
EGX30 is still resisting 7861 points, then 8011 points to be supported at 7700 points then at 7530 points. EGX70 is resisting 592 points, then 600 points to be supported at 579 points, then at 572 points, she explained.
Source:
Muscat Daily
