By Ahmed Allam:
Cairo-Mubasher: The Egyptian Exchange (EGX) indices shut Sunday’s session on a positive note, with nearly EGP 3.3 billion ($461.5 million) market gains, backed by foreign buying.
The benchmark index EGX30 erased its mornings losses, ending slightly higher by 0.06% at 8745.16 points.
The index is still attempting to cross the key resistance at 8800 points, said Sameh Gharib, head of technical analysis, Roots Securities Brokerage, adding that today’s jittery performance shows a struggle between purchasing and selling powers at such a resistance.
Market capitalization added around EGP 3.3 billion (above $461.5 million) to end at EGP 497.319 billion.
The 8800 level is a ‘pivotal’ mark in the trend of the benchmark, the analyst noted. He added that the index is facing resistance at 8800 then 9000 and will find support at 8400 then 8124 points.
The small and mid-cap index EGX70 also rose 0.27% to close at 560.15 points and the broader index EGX100 inched higher 0.07% to 1072.84 points.
The analyst also noted that the market’s traded value was blow monthly average that neared EGP 500 million, as trading was thinned by holidays.
Traded volume amounted to 118 million shares that were exchanged at EGP 412 million. Gharib advised traders to be cautious when making decisions and watch for index trend as regards the 8800 mark.
Foreign traders were net buyers by EGP 72.7 million, while national and Arab traders were net sellers by EGP 63.7 million and EGP 9 million respectively.
Tracking stock performance, ATLAS was the top gainer (+9.96%), while Zahraa Maadi was the biggest loser (-7.19%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Cairo-Mubasher: The Egyptian Exchange (EGX) indices shut Sunday’s session on a positive note, with nearly EGP 3.3 billion ($461.5 million) market gains, backed by foreign buying.
The benchmark index EGX30 erased its mornings losses, ending slightly higher by 0.06% at 8745.16 points.
The index is still attempting to cross the key resistance at 8800 points, said Sameh Gharib, head of technical analysis, Roots Securities Brokerage, adding that today’s jittery performance shows a struggle between purchasing and selling powers at such a resistance.
Market capitalization added around EGP 3.3 billion (above $461.5 million) to end at EGP 497.319 billion.
The 8800 level is a ‘pivotal’ mark in the trend of the benchmark, the analyst noted. He added that the index is facing resistance at 8800 then 9000 and will find support at 8400 then 8124 points.
The small and mid-cap index EGX70 also rose 0.27% to close at 560.15 points and the broader index EGX100 inched higher 0.07% to 1072.84 points.
The analyst also noted that the market’s traded value was blow monthly average that neared EGP 500 million, as trading was thinned by holidays.
Traded volume amounted to 118 million shares that were exchanged at EGP 412 million. Gharib advised traders to be cautious when making decisions and watch for index trend as regards the 8800 mark.
Foreign traders were net buyers by EGP 72.7 million, while national and Arab traders were net sellers by EGP 63.7 million and EGP 9 million respectively.
Tracking stock performance, ATLAS was the top gainer (+9.96%), while Zahraa Maadi was the biggest loser (-7.19%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
