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Egypt equities gain $500m powered by institutions

Egypt equities gain $500m powered by institutions

By Ahmed Allam:

Cairo-Mubasher: The Egyptian Exchange (EGX) rose on Tuesday, amid strong buying by local and Arab institutions.

The benchmark index trimmed some of its early gains, ending 1.14% higher at 9946.58 points.

The benchmark is attempting to confirm its position above key resistance level of 9830 points, said Sameh Gharib, head of technical research, Roots Stock Brokerage House.

EGX30 is expected to move near current levels of 9978 and 9786, Gharib said, adding that confirming its position above 9830 will take the index higher to next resistance at 10200 points.

The small and mid-cap index EGX70 also rose 1.19% to end at 579.63 points, while the broader index EGX100 ended 0.37% higher at 1146.25 points.

Market capitalization rose by nearly EGP 3.8 billion (about $513.5 million) to EGP 524.907 billion.

Tuesday’s traded volume amounted to 178.9 million shares, while turnover reached EGP 883.3 million.

The analyst said the rise in turnover signals continued positive performance.

National and Arab traders were net buyers by EGP 8.3 million and EGP 9.8 million respectively, while foreigners were net sellers by EGP 18.1 million.

Tracking stock performance, Medinet Nasr Housing, Heliopolis Housing and CIB rallied by 4.69%, 3.92% and 1.22% respectively.

Translated by Sayed Abdel Rahman

Photo Credit: Arabianeye-Reuters