During this week’s sessions, indexes of the Egyptian Exchange (EGX) rose collectively and market capitalization added more than EGP 8 billion powered by real estate stocks that saw bullish performance as property event Cityscape kicked off in Cairo.
Benchmark index EGX30 rose 2.57%, or 198.36 points to reach 7899.46 points, compared with 7701.1 points.
Small and mid-cap index EGX70 also added 3.67%, or 21.12 points to close at 595.39 points. The broader index EGX100 ended the week 3.4%, or 34.5 points higher at 1043.99 points.
Market capitalization added EGP 8.3 billion to record EGP 469.5 billion, compared with EGP 461.2 billion last week.
Ehab Said, head of technical analysis, Osool Brokerage, said the benchmark closed near the 7900 level backed by the ability of most blue chips to consolidate and resume the rally topped by CIB, Global Telecom and EFG-Hermes.
The analyst added that EGX70 saw a stronger rise towards 595 points to near target level of 600 points propelled by Mobinil stock.
The benchmark index is expected to target next week the resistance level near 8000-8100, which may hinder the rally temporarily, the analyst said, adding that the outlook remains positive in the medium and long terms.
For his part, Montasir Madbouly, head of technical analysis, Orouba Securities Brokerage, said that the index will likely continue the upward movement to test 8000 points upon maintaining its position above the 7500 points in the medium term.