Cairo – Mubasher: Egypt’s Commercial International Bank (CIB) rose to records on Monday by 11:40am Cairo.

The stock gained EGP 1.4, or 2.92%, to stand at EGP 51.6 a share.

CIB saw a significant trading with a turnover crossing EGP 90 million for 1.75 million shares changing hands in 611 transactions.

Accordingly, the stock is moving upwardly after breaking a key resistance mark, which is EGP 46.70, today, said Mohamed Ismail, technical analyst at Golden Hand Brokerage.

“The next targeted area ranges from EGP 51.60 to EGP 53.50 per share with support at EGP 48.3. Meanwhile, the stop-loss level is at EGP 46.7 on the short term”, Ismail said.

As a selling wave is forecast to rise at EGP 51.60 - 53.60, Investors are advised to start taking profits when the stock quote nears any of the former levels, Ismail concluded

The largest EGX30 constituent reported EGP 1.46 billion profits in the second quarter of 2016, according to consolidated results.