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EGX gains EGP 385m in 3 sessions despite indices' decline

EGX gains EGP 385m in 3 sessions despite indices' decline
he Egyptian Exchange (EGX)

Cairo-Mubasher: The Egyptian Exchange's (EGX) indices collectively declined this week, with the market capitalization rising by nearly EGP 385.4 million.

EGX30 lost 0.06% to close the week at 8,886.84 points, compared with 8,892.53 points a week earlier.   

The bourse was closed on Sunday and Monday on the occasion of Easter and Sham El-Nessim, and trading resumed on Tuesday.

The benchmark EGX30 showed varied performed throughout the week, moving in a tight range, said Ahmed Thabit, financial analyst at Tycoon Securities. He added that the index reached the 8,977 level, and closed near its lowest level in the week at 8,886.

The analyst also said the leading stocks showed varied performance, such as the Commercial International Bank which fluctuated significantly, but failed to break through the EGP 56.50 level.

Talaat Moustafa held position above EGP 9.70, and closed at a reasonable level, which indicates that the stock is likely to perform well next week, breaking the EGP 10.25 level, Thabit said.

EGX70 declined almost 0.38% to 494.5 points compared with 496.4 points a week earlier.

EGX100 edged down 0.35% from 1,011.97 points to 1,008.42 points.

The analyst forecasted the benchmark to move between 8,850 and 9,050 points in the next week.

Meanwhile, EGX70 is likely to move between 493 and 510 points, boosted by an expected improvement in investor sentiment and the fresh liquidity which would be injected into key sectors.

Translated by Abdul Maguid Aboshahla