EGX hits record high Thursday; forecasts to see 15,000 pts - Analyst

EGX hits record high Thursday; forecasts to see 15,000 pts - Analyst
Market cap closed at EGP 788.15bn, gaining EGP 7.2bn

Cairo – Mubasher: The Egyptian Exchange (EGX) saw its highest closing record on Thursday’s trading session on the back of Arab and foreign buying.

The benchmark EGX30 index rose 1.02% or 145.19 points to the level of 14,350.14 points.

The heavyweight Commercial International Bank (CIB) added 2.11% to EGP 78, with a turnover of EGP 90.4 million.

The EGX may break resistance above 14,385 points next Sunday after recording the highest close in its history, capital market analyst Toni Kamal told Mubasher.

The EGX30 index is likely to see slight profit-takings next week to maintain its upward trend over the coming period, Kamal added.

Market capitalisation closed at EGP 788.15 billion, gaining EGP 7.2 billion.

The small- and medium-sized enterprises EGX70 index went up 1.09% to 785.5 points, while the EGX100 index edged up 0.99% to 1,773.55 points.

The equal-weighted EGX50 index increased 0.62% to 2,515 points.

The EGX30 index targeting the levels of 14,500 and 15,000 points during November, the analyst highlighted, pointing out that the index may have support at the significant level of 14,200 points.

Trading volume stood at 409.4 million shares exchanged through 34,800 transactions at a turnover of EGP 1.34 billion.

Egyptian investors were net sellers with EGP 398.6 million, while foreign and Arab investors were net buyers with EGP 137.9 million and EGP 260.6 million, respectively.

Blue chips will reinforce gains over the coming period as EFG Hermes has support at EGP 24 and targets EGP 26, while TMG Holding has resistance at EGP 9.7 and targets EGP 11, Kamal noted.

Blue chips including Citadel Capital, Telecom Egypt, and Ezz Steel levelled up 7.3%, 3.73%, and 2.3%, respectively.

On the other hand, Domty topped declining leading stocks with a 4.44% drop, followed by HADISOLB and SODIC which fell 2.93% and 2.83%, respectively.