Cairo – Mubasher: Egypt’s stock market rose on Thursday, adding around EGP 12.8 million ($1.6 billion) to its capitalisation, backed by a buying spree among institutions.

The benchmark index EGX30 rose 205.34 points or 2.99% - its biggest one day gains in three months – to end above the 7,000 mark at 7,078.83 points.

Meanwhile, EGX50 EWI rose 3.52% to 1,213.87 points. EGX70, which measures small and mid-cap stocks added 3.58% to 387.06 points and the broader index EGX100 gained 2.71% to 824.95 points.

The market’s heaviest weight CIB rose 0.77% to EGP 48.91. It came on top by turnover, upon exchanging more than 909,700 shares at a value exceeding EGP 44 million.

The banks sector accounted for 22.23%, or more than EGP 85 billion, of total capitalisation. It was followed by building and construction with 17.12% (EGP 65.5 billion), then real estate 12.42% (EGP 47.5 billion).

Today’s turnover amounted to EGP 406 million, while traded volume reached 203 million shares.

National and Arab traders were net sellers by EGP 337,000 and EGP 5.1 million in a row, while foreigners were net buyers by EGP 5.5 million. Institutional investors were net buyers, while retail traders ended as net sellers.

Out of the 169 stocks traded today, advancers outnumbered decliners by 134 to 9, while 26 others remained unchanged.

Backed by the rise in global and regional bourses, the main gauge rose 2.99% to shoot above the 7,000 mark that was regarded as a primary resistance, said Sameh Gharib, head of research at Roots Stock Brokerage House.

He expects continued rebound as global markets steady, adding that the index will target the 7,200 level.

Translated by Sayed Abdel Rahman