The Egyptian Exchange (EGX) indices closed Tuesday’s session collectively higher, amid strong buying by retail traders.
The benchmark index EGX30 rose 0.32% or 31.45 points to close above the 9800 barrier at 9811.40 points.
The small and mid-cap index EGX70 also rose 0.72% to 637.3 points. The broader index EGX100 ended 0.59% higher at 1167.93 points.
Market capitalization gained around EGP 0.638 billion to record EGP 526.214 billion, compared with EGP 525.576 billion on Monday.
Sameh Gharib, head of technical analysis, Roots Stock Brokerage House, said the benchmark index rose on Tuesday to a new price level not reached in nearly six years, coupled with strong turnover.
The index will attempt to cross the 9820 level, the analyst said, adding that the general outlook for the index is still upwards as it see profit taking in a sideways movement.
The index has support at 9575 then 9382 and resistance at 9820 then 10000, according to the analyst.
Turnover amounted to nearly EGP 767.8 million, after 175.4 million shares were exchanged in 27.7 thousand transactions.
Nationals were net buyers by EGP 4.3 million, while foreign and Arab traders were net sellers by EGP 3.8 million and EGP 410.6 thousand respectively.
Retail traders accounted for 56.2% of total trading, with collective heading for buying. Meanwhile, institutions made up the remaining 43.8% with a tendency for selling.
The benchmark index EGX30 rose 0.32% or 31.45 points to close above the 9800 barrier at 9811.40 points.
The small and mid-cap index EGX70 also rose 0.72% to 637.3 points. The broader index EGX100 ended 0.59% higher at 1167.93 points.
Market capitalization gained around EGP 0.638 billion to record EGP 526.214 billion, compared with EGP 525.576 billion on Monday.
Sameh Gharib, head of technical analysis, Roots Stock Brokerage House, said the benchmark index rose on Tuesday to a new price level not reached in nearly six years, coupled with strong turnover.
The index will attempt to cross the 9820 level, the analyst said, adding that the general outlook for the index is still upwards as it see profit taking in a sideways movement.
The index has support at 9575 then 9382 and resistance at 9820 then 10000, according to the analyst.
Turnover amounted to nearly EGP 767.8 million, after 175.4 million shares were exchanged in 27.7 thousand transactions.
Nationals were net buyers by EGP 4.3 million, while foreign and Arab traders were net sellers by EGP 3.8 million and EGP 410.6 thousand respectively.
Retail traders accounted for 56.2% of total trading, with collective heading for buying. Meanwhile, institutions made up the remaining 43.8% with a tendency for selling.
Source:
Mubasher Exclusive
