By Ahmed Allam:
Cairo-Mubasher: The Egyptian Exchange (EGX) indices shut Sunday’s session on a positive note, extending a rally to the second successive day.
The benchmark index EGX30 rose 3.46% or 290 points to close at 8690.43 points, as it traced the bullish performance of GCC stock markets.
The benchmark successfully continued its upward movement at end at 8690 level but failed to shoot above the 8750 barrier that represents a secondary resistance level, said Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage.
Rania Nassaar, head of technical analysis, Solidere Securities Brokerage, said the Egyptian stock market was fueled by the buying spree among nationals following the decision of Fitch Ratings to upgrade Egypt’s credit rating.
EGX30 tested resistance level of 8700 points but failed to close above it, the analyst said, adding that a break above such a level will take the index higher towards 8800 then 8900 points.
However, failing to cross that level will drive the index lower again towards 8600 then 8500 points, Nassaar noted.
The small and mid-cap index EGX70 slightly rose 2.46% to 555.86 points, while the broader index EGX100 ended 2.55% higher at 1056.83 points.
Market capitalization gained nearly EGP 9.5 billion (above $1.32 billion) to reach EGP 485.568 billion.
Sunday’s traded volume amounted to 199.4 million shares, while turnover reached EGP 1.16 billion.
Thabet said leading stocks showed positive performance and close above good levels, adding that fluctuations during the session were within tight ranges, which is positive.
Nationals were net buyers by EGP 18.6 million, while foreign and Arab traders were net sellers by EGP 12.4 million and EGP 6.2 million respectively.
Institutions were net buyers, while retail traders were net sellers. Tracking stock performance, Pyramisa was the top gainer (+9.96%), while ATLAS was the biggest loser (-7.74%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters