Indices of Egypt’s bourse EGX rose on Wednesday, while market capitalization gained around EGP 5.4 billion backed by strong institutional buying activity.
The benchmark index EGX30 rose 1.34% to close the session at 9234.74 points. The small and mid-cap index EGX70 gained 1.34% to 639.29 points and the broader index EGX100 ended 1.09% higher at 1146.51 points.
The benchmark successfully consolidated for the second successive session, thus rebounding from 9050 level to cross the 9200 barrier, said Ibrahim El Nemr, head of technical analysis, Naeem Brokerage.
In a phone call with Mubasher, the analyst expected the benchmark to continue its rally on Thursday towards 9300 barrier.
Foreign investors were net buyers by EGP 39 million, while nationals and Arabs were net sellers by EGP 26 million and EGP 13 million respectively.
Institutions, especially foreign and local ones, headed for buying, while retail traders were net sellers.
Property developer TMG was the top active in terms of turnover, after more than EGP 76.2 million was generated from trading more than 7.5 million shares. The stock rose 1.6% to EGP 10.13.
Meanwhile, telecom firm OTMT was the most active with a traded volume of more than 34.5 million shares. The stock rose 1.6% to EGP 1.27.