By Ahmed Allam:
Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) have rebounded on Thursday at close, backed by the rebound in GCC stock markets.
The benchmark index gained 3.39% to 8399.89 points, while the small and mid-cap index EGX70 rose 2.01% to 542.51 points and the broader index EGX100 strengthened 2.30% to 1030.54 points.
Sameh Gharib, head of technical analysis, Roots Stock Brokerage House, said the benchmark reversed its direction following a steep decline in the previous sessions during which it bottomed out at 8124 through crossing several support levels.
The analyst expected the market to continue the rise over the coming days, adding that the benchmark will test resistance at 8470 then 8800 points.
EGX30 will have support at 8124 then 7700 points, Gharib noted.
The market capitalization gained around EGP 11.2 billion to reach EGP 464.816 billion.
Traded volume amounted to 172.7 million shares, while turnover reached EGP 688.5 million.
Foreign traders were net buyers by EGP 42.4 million, while nationals and Arabs were net sellers by EGP 27.8 million and EGP 14.6 million respectively.
Tracking stock performance, TransOceans was the top gainer (+11.11%), while ATLAS was the biggest loser (-8.37%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters