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EGX gains EGP 5 bln, surpasses 8000 points

EGX gains EGP 5 bln, surpasses 8000 points
Indexes of the Egyptian Exchange (EGX) ended Tuesday’s session collectively higher as market capitalization gained more than EGP 5 billion, with strengthened turnover and expectations that indices will target the 8600 point level in the short term.

Benchmark index EGX30 rose by 1.79%, gaining almost 140.84 points, surpassing the 8000 point mark to close at 8026.92 points.

Small and mid-cap index EGX70 also increased by 1.01% or 5.97 points closing at 598.13 points.

The broader index EGX100 also moved up 1.08% or 11.22 points to 1049.64 points.

Market capitalization gained around EGP 5.09 billion to reach EGP 473.89 billion, compared with EGP 468.8 billion recorded on Monday’s session.

Turnover hit about EGP 884.49 million upon exchanging 279.95 million shares in 31.8 thousand transactions. The market’s overall value recorded EGP 1.18 billion upon exchanging 283 million shares.

Sameh Gharib, head of technical analysis at Roots Stock Brokerage, said that EGX30 was able to move strongly upward accompanied by an increased turnover, expecting it to continue rising to reach resistance level at 8350 points.

Egyptian and foreign traders were net buyers accounting for EGP 15 million and EGP 7 million respectively; whereas Arab investors carried out selling activities amounted to more than EGP 22 million.

Retail investors dominated more that 57.8% of transactions, as Egyptian and foreign investors carried out selling transactions with EGP 42.8 million and 211 thousand, against heavy buying by Arab investors amounted to EGP 27.17 million.

Meanwhile, Institutions made up the remaining 42.2%, as Egyptian and foreign investors were net buyers by EGP 57.96 million and EGP 7.33 million respectively; against heavy sales by Arab institutions amounted to EGP 49.4 million.

On Monday, EGX ended session collectively higher as market capitalization gained EGP 1.4 billion, with significant weakened turnover.

Benchmark index EGX30 rose slightly by 0.14%, gaining almost 10.86 points, at 7886.08 points.

Small and mid-cap index EGX70 also increased by 0.52% or 3.07 points closing at 592.16 points.

The broader index EGX100 also moved up 0.40% or 4.14 points at 1038.42 points. Market capitalization gained around EGP 1.4 billion to reach EGP 48.8 billion, compared with EGP 46.4 billion recorded on Sunday’s session.

Turnover hit about EGP 481,6 million upon exchanging 171,17 million shares in 22.6 thousand transactions. The market’s overall value recorded EGP 559 million upon exchanging 174,6 million shares.