Cairo-Mubasher: The Egyptian Exchange (EGX) indices advanced this week, gaining approx. EGP 3.67 billion ($481.4 million) in capitalisation, backed by blue chips.

The benchmark index EGX30 rose 2.6% or 242 points to close the week near the 9600 barrier at 9575.98 points, compared with 9334.01 points  a week earlier.

The index reversed its direction this week to the positive side, said Sameh Gharib, head of technical analysis, Roots for Securities Brokerage, adding that it proved that the 9250 level is a key support currently.

According to the analyst, the index is likely to continue its upbeat performance next week to reach next resistance at 9675 points.

“The index is expected to even cross this level to test next resistance at 9830 points on stronger buying activity and higher turnover,” Gharib said.

The small and mid-cap index EGX70 rallied 1.5% to 566.52 points, from 558 points last week. The broader index EGX100 ended 1.5% or 17 points higher at 1131.47 points.

The Egyptian presidency announced Thursday a cabinet reshuffle that included the replacement of eight ministers mainly for interior, tourism and telecommunication ministries.

The government also ratified on Wednesday the unified investment law and was referred to the president for endorsement.

Translated by Sayed Abdel Rahman