Cairo – Mubasher: The Egyptian Exchange (EGX) initiated Sunday's trading session in the green territory backed by the telecom sector's gains after three 4G licenses agreements were sealed.

The benchmark index (EGX30) rose 50.88 points, 0.6%, to 8,556 points by 10:19am Cairo local time (CLT).

The telecom sector was higher 2.05% to 507.4 points by 10:21 CLT after Egypt-based three major cell phone firms have signed fourth-generation license agreements with the National Telecommunications Regulatory Authority.

In terms of value, Global Telecom was the most active stock with EGP 15.8 million, rising 2.9% to EGP 5.31 per share by 10:22am CLT.

The largest EGX30 constituent CIB was placed at EGP 54.3 with a 1.9% increase by 10:23am CLT.

The small and mid-cap index EGX70 was up 0.3% to 346.8 points.

The broader index EGX100 moved up 0.5% to 807.2 points and the equal-weighted index EGX50 increased 0.6% to 1,343.97 points.

Egyptians were net buyers by EGP 5.87 million, while foreign and Arab traders were net sellers by EGP 3.59 million and EGP 2.29 million, respectively.

Market analyst Hesham Hassan said the benchmark is moving between the support of 8,300 and the resistance mark of 8,600, which will, if ticked, change the short-term outlook from negative to neutral.