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EGX gains EGP2.7bn; retail stocks ‘buoyant’

EGX gains EGP2.7bn; retail stocks ‘buoyant’
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: Egypt’s stock market indices were bullish on Tuesday, while market capitalisation added around EGP 2.65 billion ($337.6 million) amid active buying among local and foreign institutions and Arab retail traders.

The benchmark index EGX30 rose 0.79% or 62.02 points to close at 7,949.89 points.

EGX70, which measures small and mid-cap stocks, advanced by 1.61% to 447.17 points and the broader index EGX100 ended 0.46% higher at 914.54 points.

Tuesday’s session was marked by cautious trading, as it saw calm trading for most of the day, then purchasing powers emerged to take the market higher and stop a two-day losing run, said Mohamed Hussein, technical analyst at EGP-Finance Association.

The analyst expects continue optimism in the market till the end of the week.

Tuesday’s turnover amounted to EGP 491.6 million, upon trading 218.8 million shares.

Foreign traders were net buyers by EGP 13.3 million, while national and Arab traders were net sellers by EGP 9.2 million and EGP 4.1 million respectively.

Local and foreign institutions were net buyers, while local and foreign retail traders were net sellers.

Out of the 163 companies traded today, advancers outnumbered decliners by 113 to 26, while 24 others remained unchanged.