Indices of the Egyptian Exchange (EGX) rebounded from their morning decline to close the session collectively higher, backed by strong buying among national retail traders and foreign institutions.
The benchmark index EGX30 reversed its direction to end 0.65% or 60.69 points higher at 9435.05 points.
The small and mid-cap index EGX70 also added 0.24% to close at 658.72 points. The broader index EGX100 ended 0.34% or 3.99 points at 1168.85 points.
Market capitalization gained EGP 1.189 billion to reach EGP 524.258 billion, compared with EGP 523.069 billion on Wednesday.
Thursday’s turnover amounted at EGP 684 million, while traded volume reached 139.3 million shares.
National and foreign traders were net buyers by EGP 7 million and EGP 6.65 million respectively, while Arab traders were net sellers by EGP 13.7 million.
Retail trader accounted for 68.5% of total trading, with nationals heading for strong buying, while Arab and foreign traders were net sellers. Institutions made up the remaining 31.5%, while foreigners headed for buying and local and Arab institutions heading for selling.
The stock market opened the session on a positive note, following yesterday’s slide. It neared the 9345 level that halted the slide, said Waleed Hilal, head of portfolios, Mokattam Alexandria Securities Trading.
The analyst added that rebounding from this level is positive and will spur buying tendency among traders.
The market is still moving sideways in a short-term correction, which will likely be followed by a rise to resume the uptrend towards 10200-10000 points, according to Hilal.
(Translated by Sayed Abdel Rahman)