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EGX gains EGP5bln powered by foreign institutions

EGX gains EGP5bln powered by foreign institutions
Indices of the Egyptian Exchange (EGX) rose on Thursday, amid a buying spree among foreign institutions.
The benchmark index EGX30 gained 1.61% or 153.71 points to close at 9729.10 points. The small and mid-cap index EGX70 rose 1.01% to 631.89 points and the broader index EGX100 ended 1.36% higher at 1152.48 points.
Market capitalization increased approx. EGP 5.296 billion to EGP527.201 billion, compared with EGP 521.905 billion on Wednesday.
The benchmark index rose during today’s session to its previous peak after a slide caused by limited corrections, said Mountasir Madbouly, head of technical analysis, GP Trader.
The analyst added that the index is expected to target 10000 then 10200 upon crossing the previous peak. He also noted that failing to shoot above the resistance level will push the index lower to 9500 then 9300.
Thursday’s turnover amounted to nearly EGP1.05 billion, after 149.8 million shares exchanged in 26,000 transactions.
Foreign traders were net buyers by EGP 163.6 million, while national and Arab traders were net sellers by EGP153.2 million and EGP10.4 million respectively.
Retail traders accounted for 53.11% of total trading, with a collective tendency for selling. Meanwhile, institutions made up the remaining 46.88% of trading, with foreigners heading for buying and local and Arab institutions heading for strong buying.