Cairo – Mubasher: Egypt’s stock market rose on Thursday to its highest level in seven weeks on a buying spree from national institutions.

The benchmark index EGX30 rose 1.8% to close at 8,988 points, while the small and mid-cap index EGX70 gained 1.9% to 480.6 points and the broader index EGX100 added 1.6% to 1,003.6 points.

Thursday’s turnover amounted to EGP 752 million, while market capitalisation rose EGP 4.1 billion to end at EGP 504.5 billion, up from EGP 500.4 billion on Wednesday.

National institutions were net buyers for EGP 116.4 million, while Arab and foreign institutions ended as net sellers for EGP 8.6 million and EGP 70.3 million respectively.

National and foreign retail traders were net sellers for EGP 51.6 million and EGP 432,000 respectively, while Arab retail traders were net buyers for EGP 14.6 million.

Thursday’s session saw stronger activity, especially by national institutions, while retail traders headed for selling, which may be attributed to profit taking, said Hanan Ramsis, executive director at Cairo Securities Brokerage.

The analyst expects the benchmark index to test the 9,000 level next week, provided that the market sees liquidity inflow.

Meanwhile, Sameh Gharib, head of technical research at Roots Stock Brokerage House, said a break above the 9,040 level will take the index to higher levels. He added that the primary support level stands at 8,800 points.