Cairo-Mubasher: The Egyptian Exchange (EGX) indices rose on Monday, gaining around EGP 2.99 billion ($392.5 million) in capitalisation, backed by strong buying among local institutions.

The benchmark index EGX30 erased early losses to end 0.62% higher at 9,118.97 points.

The index steadied for the third successive day and rebounded from current levels after the emergence of strong buying on some stocks, said Sameh Gharib, head of technical research at Roots Stock Brokerage House.

The analyst expects continued bullish performance and a rebound towards the first resistance at 9,260 points.

Meanwhile, the small and mid-cap index EGX70 rose 2.05% to 517.7 points and the broader index EGX100 gained 0.96% to 1,044.44 points.

Monday’s turnover amounted to EGP 437.6 million, upon trading around 97.5 million shares.

National traders ended as net buyers by EGP 40.8 million, while foreign and Arab traders were net sellers by EGP 37.4 million and EGP 3.4 million, respectively.

Translated by Sayed Abdel Rahman