Cairo – Mubasher: Egypt’s stock market reversed its early fall on Monday, ending on a positive note, amid a strong buying appetite.

Market capitalisation added around EGP 6.8 billion ($863.5 million).

The local stocks were buoyed by the news that the supreme electoral committee would hold the upcoming parliamentary elections in two phases in October and November.

Equities also gained momentum from the ‘supergiant’ gasfield discovery made by Italy’s Eni in Egypt, with estimated reserves reaching 30 trillion cubic feet of natural gas.

The benchmark index EGX30 rose 2.79% or 197.15 points to close above the 7,250 mark at 7,252.43 points.

EGX50 EWI also added 2.03% to close at 1,233.62 points. EGX70, which measures small and mid-cap stocks gained 1.68% to 392.38 points and the broader index EGX100 shut 1.72% higher at 837.70 points.

Mohamed Ismail, technical analyst, expects EGX30 to continue its corrective movement towards key resistance area of 7,400-7,500.

Monday’s turnover amounted to EGP 608 million, upon trading 262.8 million shares.

Arab traders were net buyers by EGP 36.6 million, while nationals and foreigners were net sellers by EGP 35.6 million and EGP 1 million respectively.