Cairo-Mubasher: The Egyptian Exchange (EGX) indices rallied on Monday, gaining nearly EGP 5.8 billion ($760.3 million), amid a buying spree among local institutions.

The benchmark index EGX30 rose 1.86% - its biggest one day gain in a month and a half – to close at 9456.33 points.

The index rebounded from support level, as the 9250 mark prevented further slides and pushed the index higher, said Rania Nassar, head of branches, Mirage Securities Brokerage.

The benchmark has a next resistance at 9500 points, said the analyst adding that staying above such a level will end the downtrend and start a short-term upturn towards 9900 level through resistance at 9600 then 9700 points.

According to the analyst, CIB will have a short-term target at EGP 60 upon staying above EGP 55. EFG-Hermes is also targeting EGP 19 in the short term.

Monday’s turnover amounted to EGP 492.2 million, while traded volume reached 106 million shares.

The small and mid-cap index EGX30 also gained 1.34% to 565.16 points, while the broader index EGX100 shut 1.30% higher at 1126.48 points.

National traders ended as net buyers by EGP 55.5 million, while foreign and Arab were sellers by EGP 34.8 million and EGP 20.6 million respectively.

Institutions, especially local ones, were mostly buyers, while retail traders were net sellers.

Translated by Sayed Abdel Rahman