Indices of the Egyptian Exchange (EGX) trimmed their early gains to close the session showing varying performance.
The benchmark index EGX30 rose 0.16% or 15.18 points to close at 9374.36 points. The small and mid-cap index EGX70 dipped 0.01% to 657.13 points and the broader index EGX100 inched lower 0.07% to 1164.86 points.
Market capitalization gained nearly EGP 1.442 billion to record EGP 523.069 billion, compared with EGP 521.627 billion on Tuesday.
Wednesday’s performance was a continuation of that of the last nine sessions. The benchmark rose at open boosted by active trading on some stocks, but failed to continue the uptrend due to weak buying powers, said Sameh Gharib, head of technical analysis, Roots Stock Brokerage House.
The analyst said that the benchmark index continued to move between support level of 9290 points and resistance level of 9500 points. He added that moving above the 9292 level will push the index higher towards next resistance levels without facing long profit taking period.
Medium and long-term investors are advised to keep their equities and add more shares in dips as long as the index maintains its position above support level of 8800 points.
The index has resistance at 9500 then 9800 and support at 9290 than 9000. It is moving upwards in the medium and short terms, according to the analyst.
The benchmark index EGX30 rose 0.16% or 15.18 points to close at 9374.36 points. The small and mid-cap index EGX70 dipped 0.01% to 657.13 points and the broader index EGX100 inched lower 0.07% to 1164.86 points.
Market capitalization gained nearly EGP 1.442 billion to record EGP 523.069 billion, compared with EGP 521.627 billion on Tuesday.
Wednesday’s performance was a continuation of that of the last nine sessions. The benchmark rose at open boosted by active trading on some stocks, but failed to continue the uptrend due to weak buying powers, said Sameh Gharib, head of technical analysis, Roots Stock Brokerage House.
The analyst said that the benchmark index continued to move between support level of 9290 points and resistance level of 9500 points. He added that moving above the 9292 level will push the index higher towards next resistance levels without facing long profit taking period.
Medium and long-term investors are advised to keep their equities and add more shares in dips as long as the index maintains its position above support level of 8800 points.
The index has resistance at 9500 then 9800 and support at 9290 than 9000. It is moving upwards in the medium and short terms, according to the analyst.
Source:
Mubasher Exclusive
