Cairo – Mubasher: The benchmark index of Egyptian Stock Exchange (EGX) rose 2.22% or 284.3 points to reach 13,091.05 points this week.

The market capitalisation gained EGP 16 billion to reach EGP 628.6 billion this week.

Turnover reached EGP 4.08 billion through trading 1.1 billion shares this week.

Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that EGX30 ended the week at 13,091 points, after went down to 13,544 points then to 12,629 points,  which is the main support for the current period.

He added that the benchmark showed a purchasing power stopped the decline and rebound it upwards in a correction for the previous drop.

Gharib noted that the main index is now experiencing a resistance level at 13,000: 13,150 points, adding that in case it was able to break through 13,000 points downwards, it will be for sure that the current decline is a start for a correction on the medium term and has other downward targets.

The EGX70 increased 3.89% to reach 478.48 points.

The analyst pinpointed that EGX70 was able to offset a large part of its losses last week after it decreased from 482 points to 458 points, adding that the index is in its way to a main resistance level at 482 points again.

The broader index EGX100 went up 4.7% to 1180.6 points, while the equal-weighted index EGX50 added 2.18% to 1,992.8 points this week.

The Commercial International Bank (CIB) rose 2.15% to EGP 77.45 with turnover of EGP 397.7 million.

Foreign investors tended to purchase by EGP 807.4 million, while Egyptian and Arab traders tended to sell by EGP 790.6 million and EGP 16.8 million, respectively.

Institutions were purchasers by EGP 183.3 million, while the individual were sellers.