Cairo - Mubasher: The Egyptian Exchange (EGX) indices moved higher on Thursday, as the benchmark index added 1.86% or 137.1 points to 7,494.6 points, to hit its highest level since 17 August on the news of Beltone Financial buyout deal.

Earlier, both Orascom Telecom Media and Act Financial expressed their interest in buying 100% of Beltone Financial for nearly EGP 650 million.

On Thursday's early trade, Beltone Financial topped EGX gains, as the stock advanced 20.77% to EGP 3.40, with trading value of EGP 2.59 million, Orascom Telecom Media came in second place with trading value exceeded EGP 52.3 million, after 70 million shares changed hands.

The market capitalisation surged by EGP 5.25 billion ($672.4 million)to close at EGP 452.5 billion, compared with EGP 447.3 billion on Wednesday.

Thursday's turnover amounted to EGP 1.55 billion.

The heavy-weighed Commercial International Bank (CIB) went up 2.3% to EGP 54.69, with trading value of EGP 81.7 million.

"The benchmark resumed on Thursday the previous session upside trend, but it gained more momentum following Beltone Financial buyout deal," said Sameh Gharib, head of technical research at Roots Securities.

The news about a double-digit acquisition deal, has contributed in improving the investors sentiment, added Gharib.

Today's market gains were triggered by the raise of the trading value to EGP 679 million, its highest level in three months, noted the analyst. The benchmark is expected to move higher towards the resistance level of 7,600 points, he added.

The benchmark's major support level on the short run will be 7,200 points, pointed out Gharib.

The equal-weighted index EGX50 leaped 2.18% to 1,214.3 points.

Similarly, the small and mid-cap index EGX70 gained 1.76% to 398.5 points, while the broader index EGX100 went up 1.22% points to 852.4 points.  

Foreign and Arab investors came as net buyers with EGP 10.28 million and EGP 25.18 million respectively, while local investors came as net sellers with EGP 35.46 million.