Indices of the Egyptian Exchange (EGX) rose on Thursday, unfazed by calls for staging anti-regime protests on Friday.
The market capitalization gained nearly EGP 2.4 billion.
The benchmark index EGX30 rose 0.99% to 9325.95 points, the small and mid-cap index EGX70 added 0.44% to 642.08 and the broader index EGX100 ended 0.62% at 1153.58 points.
The Salafist Front has issued a statement earlier calling for staging massive anti-regime rallies under the slogan ‘uprising of the Muslim youth’ on November 28, saying they want to stress the Islamic identity of the country.
The stock market will likely show strong performance next week if Friday’s rallies do not see clashes, the analysts told Mubasher.
Ehab Said, head of technical research, Osool for Securities Brokerage, said the benchmark index will focus on the previous resistance level of 9370 points.
Moving above such a level will likely push the index higher to re-test 9600 level, according to the analyst.
Meanwhile, EGX70 will focus on the main resistance level near 653-565 that will temporarily hinder the rally, Said added.
Nationals and Arabs were net buyers by EGP 10.1 million and EGP 14.2 million respectively, while foreign traders were net sellers by EGP 24.3 million.
Institutional traders ended as net buyers, while retail traders, especially nationals and foreigners, were mostly sellers.
OTMT was the most active in terms of traded value and volume, upon trading more than 99.2 million shares at above EGP 128.7 million.