Indices of the Egyptian Exchange (EGX) shut Monday’s session in the positive territory, backed by buying activities by local institutions as well as Arab and foreign retail traders.
The benchmark index EGX30 offset its morning losses, ending 0.20% or 18.8 points higher at 9446.22 points.
The small and mid-cap index EGX70 rose 0.92% to 623.86 points. The broader index EGX100 ended 0.66% higher at 1127.61 points.
Market capitalization gained around EGP 1.719 billion to reach EGP 518.185 billion, compared with EGP 516.466 billion on Sunday.
Monday’s turnover amounted to nearly EGP 472.6 million, after 90.6 million shares were exchanged in 17.5 thousand transactions.
Local and Arab traders ended as net buyers by EGP 4.8 million and EGP 1.4 million respectively, while foreigners were net sellers by EGP 6.2 million.
Retail traders accounted for 51% of total trading, with nationals heading for heavy selling. Meanwhile, institutions made up 49% of total trading, with nationals heading for buying.
Although the benchmark index EGX30 is still targeting the 10000 level, it closed below it for the third successive day, said Moamen El Shayyal, head of technical analysis, Al Jazira Securities Brokerage.
The momentum indicators for prices and volumes still show negative diversions that reflect weak medium-term buying.
The analyst advised short-term investors to sell in rebounds from current prices and recommended that medium-term investors hold their equities and to stop loss below 9250 points.