Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) posted a positive performance during the week ended 29 July.

EGX30  index rose by 7.99% or 593.98 points to reach 8030.85 points this week; the highest upward weekly performance in more than four months since mid-March. 

EGX70 ended the week at 362.49 points, gaining 1.24%; EGX100 levelled up 2.84% to 784.91 points; EGX50 rose by 4.59% to 1,384.53 points.

As the benchmark index rises, resistance reaches the level 8,300 points, while the closest support level is 7,700 points, said financial analyst Sameh Gharib.

The Egyptian stock market is still testing the current resistance level of 8,000 points, the analyst said, adding that if the index remains above this level for two weeks, a short-term upward performance will be confirmed.

Meanwhile, analyst Ahmad Al Bagoury expected strong selling transactions to appear on Sunday due to profit taking, especially with EGX70 retreating in the last sessions of the week.

Market cap increased by EGP 16.39 billion ($1.8 million) over the week to reach EGP 415.83 billion as compared to EGP 399.44 billion a week ago. 

Egyptians acquired 81.22% of the overall transactions at EGX, while both foreign and Arab investors acquired 12.67% and 6.11% respectively.