Cairo – Mubasher: The Egyptian Exchange(EGX) indices rebounded through this week's trades, as the benchmark index EGX30 advanced 3% w-o-w to close at 7,295 points.

The market capitalisation gained around EGP 12.7 billion($1.6 billion) to close at EGP 450.4 billion, against EGP 437.7 billion a week earlier.

Through this week's trades, Arab investors were net buyers with EGP 79.9 million, while local and foreign investors were net sellers with EGP 48.4 million and EGP 31.5 million respectively.

"The benchmark is expected to target the upcoming resistance level of 7,450 points in next week, after it succeeded in breaking above the barrier of 7,250 points through this week's trades," said Sameh Gharib, head of technical analysis at Roots Stock Brokerage House.

The stability of the world stock markets may push the benchmark towards the major the resistance level of 7,600 points, added Gharib, noting that the market is still witnessing down side trend.

Earlier this week, Egypt's supreme electoral committee announced it would hold the upcoming parliamentary elections in two phases in October and November.

Meanwhile, Italy’s Eni in Egypt unveiled supergiant’ gas field discovery with estimated reserves reaching 30 trillion cubic feet of natural gas.