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Egypt bourse gains EGP 5.3bn in week; indices up

Egypt bourse gains EGP 5.3bn in week; indices up
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: The Egyptian Exchange indices rose this week, as the main gauge EGX30 added 2.48% or 180.9 points to close at 7,494.6 points; its highest weekly close since mid-August.

Similarly, the small and mid-cap index EGX70 advanced by 2.8% or 10.8 points to 398.5 points. The broader index EGX100 ended 1.58% higher at 852.4 points and the equal weights index EGX50 rose 2.58% to 1,241.3 points.

Market capitalization added around EGP 5.29 billion ($677.68 million) during the week to reach EGP 452.5 billion ($447.2 billion).

The market indices rebounded this week, powered by the emergence of strong buying appetite, especially in late sessions, said Sameh Gharib, head of technical research at Roots Securities Brokerage.

He expects EGX30 to target the 7,600 level early next week, then to 7,800 upon a rise in the purchasing powers.