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Egypt bourse crosses 9900 mark in early trade

Egypt bourse crosses 9900 mark in early trade
Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) rallied in early trading Thursday, as the benchmark rose 1.04% or 102.7 points to shoot above the 9900 level at 9959 points.
EGX management said the market will be officially closed on Sunday on marking the anniversary of the January 25 Revolution. Trading will be back on Monday, January 26.
Mona Hassan, chief analyst, MubasherTrade, said EGX30 rose during Wednesday’s session closing above resistance level 9830 at 9856 on another rise in volume activity. She added that the index is expected to continue upwards targeting next resistance level 9900.
Sameh Gharib, head of technical research, Roots Stock Brokerage House expected buoyant activity to continue on Thursday, adding that the benchmark will affirm crossing the 9850 level, upon which it will target next resistance at 10200 points.
EGX70 advanced 0.17% to 572.28 points, while the broader index EGX100 gained 0.26% to 1149.42 points.
Traded volume amounted to 57.8 million shares, while turnover reached EGP 171.6 million. Foreign and Arab traders were net buyers by EGP 4.6 million and EGP 16 million.
Global Telecom led the way on gains (+5.12%), while Cairo Pharmaceuticals was the biggest loser (-2.65%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters