Cairo – Mubasher: The Egyptian Stock Exchange (EGX) saw a positive performance in the week ended 1 December, extending its gains for the sixth week in row.

The EGX30 increased 1.72% or 195 points to reach 11,548.15 points.

The main index approached 11,100 points this week then rebounded higher on the back of strong purchasing power, according to Sameh Gharib, head of technical research at Roots Stock Brokerage House. 

The EGX30 is likely to target its previous resistance at 11,700 points, Gharib noted, adding that a break above such level will push the index to move towards 12,000 points.

The main index sees support at 11,100 and 10,600 points respectively, Gharib added.

Market capitalization rose by EGP 11.7 billion to reach EGP 571.5 billion by the end of this week.

The EGX70 rose 3.54% or 15.83 points to reach 463.6 points this week, compared to 447.77 points last week.

Foreign investors tended to make purchases valued at EGP 703.1 million, while the sales of Egyptian and Arab traders amounted to EGP 521.9 million and EGP 181.2 million respectively.

Commercial Bank International’s (CBI) stock rose 2.9% to EGP 69.4, backed by the news that the bank may sell 70-80% of its investment arm CI Capital to a group of investors.