Indices of the Egyptian Exchange (EGX) ended Monday’s session collectively higher, backed by the buying spree among foreign traders and local institutions.
The benchmark index EGX30 offset its early losses, ending with a slight rise by 0.06% or 5.21 points at 9452.04 points.
The small and mid-cap index EGX70 also gained 0.99% or 6.54 points to close at 666.98 points. The broader index EGX100 ended 0.61% or 7.11 points higher at 1177.21 points.
Market capitalization gained nearly EGP 333 million to reach EGP 523.547 billion, compared with EGP 523.880 billion on Sunday.
Ibrahim El-Nemr, head of technical analysis, Naeem Brokerage, said the stock market saw positive performance after rising from the 8035 level at the end of June to reach 9500 points in mid-August.
The strong rise in the past period led to correction in the market, yet in the form of a sideways movement between 9300 and 9500 points, the analyst added.
El-Nemr said the most likely scenario is that the index will break the 9500 level, target 9750 points, then 10000, given that the market trend is upwards.
Monday’s turnover amounted to EGP 575.6 million, generated from exchanging 125.3 million shares in 26.4 thousand transactions.
National and foreign traders were net buyers by EGP 23 million and EGP 11.6 million, while Arab traders were net sellers by EGP 34.7 million.
Retail traders accounted for 69.5% of total trading, while institutions made up the remaining 30.5%.