Indices of the Egyptian Exchange (EGX) advanced on Tuesday’s session close, amid strong buying by Arab institutions and retail traders. The market capitalization gained nearly EGP 3.3 billion.
The benchmark index EGX30 offset its morning decline, ending 1.11% or 95.78 points higher at 8744.77 points.
The small and mid-cap index EGX70 rose 2.4% or 14 points to 596.95 points. The broader index EGX100 gained 1.8% or 19.07 points to 1078.52 points.
Despite the selling powers seen in early trade, the strong buying among Arab and foreign traders helped the benchmark rebound from support level of 8600 and shoot above 8700, said Rania Nassar, head of technical analysis, Solidere Securities Brokerage.
The analyst expected the index to continue its upward movement towards resistance levels of 8800, 8900 then 9000 points, at which it may sell sell-offs.
The small and mid-cap index EGX70 test resistance level of 580 points, said the analyst, adding that staying above this level will lead the index higher towards 590, 600 then 620 points.
Tuesday’s turnover amounted to nearly EGP 650 million, generated from exchanging 225.5 million shares in 25.9 thousand transactions.
Arab traders were net buyers by EGP 44.1 million, while national and foreign traders were net sellers by EGP 34.5 million and EGP 9.5 million respectively.
Retail traders accounted for 51.9% of total trading, with nationals and foreigners heading for selling. Meanwhile, institutions accounted for 48.1% of total trading, with Arabs heading for buying.
OTMT was the most active in terms of traded value and volume, after more than EGP 124 million was generated from exchanging 109.8 million shares in 1915 transactions. The stock rose 4.55% to EGP 1.13.