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CIB pushes EGX main gauge higher; EGX50 sole faller

CIB pushes EGX main gauge higher; EGX50 sole faller
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: Egypt’s stock market indices showed mixed performance on Wednesday, while market capitalisation added around EGP 94.9 million ($12.1 million) backed by foreign and Arab buying appetite.

The main index EGX30 reversed its early slide, ending 0.53% or 36.54 points higher at 6,873.49 points. Meanwhile, EGX50 EWI inched lower by 0.10% to 1,172.54 points. EGX70, which measures small and mid-cap stocks rose by 0.34% to 373.7 points and the broader index EGX100 ticked higher by 0.12% to 803.19 points.

The market’s heaviest weight CIB rose 1.39% to EGP 47.94. It came on top by turnover, upon exchanging more than 876,900 shares at a value exceeding EGP 42 million.

The banks sector accounted for 24.38%, or more than EGP 87 billion, of total capitalisation. It was followed by building and construction with 18.3% (EGP 65.3 billion), then real estate 12.48% (EGP 44.6 billion).

Wednesday’s turnover amounted to EGP 284.4 million, while traded volume reached 164.5 million shares.

Foreign and Arab traders were net buyers by EGP 9.2 million and EGP 9.8 million in a row, while nationals were net sellers by EGP 19 million. Institutional investors were net buyers, while retail traders ended as net sellers.

Out of the 159 stocks traded today, 54 moved up, 62 moved down and 43 remained unchanged.

The main gauge is likely to continue its rebound during Thursday’s session, backed by stability in global indices, said Sameh Gharib, head of research at Roots Stock Brokerage House.

He defined the first resistance level at 7,000 points, while the primary support stands at 6,640 points.

Translated by Sayed Abdel Rahman