Mubasher TV
Contact Us Advertising   العربية

EGX crosses 8600 level boosted by Arab, foreign buying

EGX crosses 8600 level boosted by Arab, foreign buying
The EGX indices closed Tuesday collectively in the green and the market capitalization rose nearly EGP 4.2 billion, helped by the buying transactions of foreign and Arab institutions as well as Arab individual investors.
EGX30 climbed 1.15% or 98.26 points to break through the 8600 level, closing at 8633.15 pts. EGX70 rose 1.71% or 9.83 pts to 585.78 pts. EGX100 moved up 1.26% or 13.28 pts to 1065.77 pts.
Ahmed Thabet, head of technical analysis at Mirage Brokerage, said EGX30 ability to cross the 9600 level is considered the first positive sign after its steep decline over more than two successive weeks.
Although EGX70 consolidated above its strong weekly support levels at 565 pts and forecasts to bounce back, it is still negative especially as it is below 600 pts, Thabet said.
He said the performance of leading stocks was positive, as most of which are holding positions above strong levels and absorbing selling powers.
Turnover reached nearly EGP 561.8 million, after 147 million shares changed hands through 23 thousand transactions.
Foreign and Arab investors tended towards buying, with a buy/sell difference of EGP 33 million and EGP 21.6 million, respectively. Meanwhile, nationals were net sellers of EGP 54.7 million.