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Egypt bourse rises above 9300 powered by institutions

Egypt bourse rises above 9300 powered by institutions

Indices of the Egyptian Exchange (EGX) rose on Wednesday, as the benchmark index EGX30 advanced 1.28% to close above the 9300 barrier at 9304.98 mark, amid strong institutional buying.

Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage, said that, despite the market slide in early trading, the benchmark stayed above the 9160 level – which was an expected secondary support level – and rebounded to cross the 9300 barrier amid strong traded volume.

However, the index is still below 9330-9360 levels at which it sees selling powers, the analyst noted.

The small and mid-cap index EGX70 also inched higher 0.05% to 628.69 points and the broader index EGX100 ended 0.53% higher at 1140.04 points.

The market capitalization increased around EGP 3.8 billion to reach EGP 517.436 billion.

Turnover amounted to EGP 716.7 million, while traded volume reached 195.9 million shares.

The construction and building sector accounted for 19.78% of Wednesday’s turnover, as it was backed by Upper Egypt Contracting.

It was followed by the banks sector with 16.75% of turnover, powered by the market’s heaviest weight CIB.

The third position was taken by the telecommunications sector with 14.31% backed by OTMT.

At the levels of investor types, foreign and Arab investors were net buyers by EGP 37.2 million and EGP 3.5 million respectively, while nationals were net sellers by EGP 40.7 million.

Institutions headed for buying, while retail traders were net sellers.

OTMT was the most active stock in terms of traded value and volume, after more than 82.9 million shares were exchanged at above EGP 113 million. The stock rose 2.22% to EGP 1.36.

The analyst said OTMT was a main driver for the market rally, adding that the stock finds strong weekly resistance at EGP 1.40, at which it may see profit taking.