EGX surges 31 pts, market cap gains EGP 7.7bn in week

EGX surges 31 pts, market cap gains EGP 7.7bn in week
EGX surges 31 pts, market cap gains EGP 7.7bn in week

Cairo – Mubasher: The Egyptian Exchange (EGX) indices saw mixed performance in the week ended on Thursday, 9 November, impacted by the Saudi Arabian start of anti-corruption probe.

The benchmark EGX30 index levelled up 0.22% or 30.8 points, closing Thursday at 14,350.14 points, after its trading volume reached 1.5 billion shares, with a liquidity of EGP 4.55 billion.

On a weekly basis, the EGX’s market capitalisation gained EGP 7.7 billion to reach EGP 788.5 billion, compared to EGP 780.7 billion in the week before.

The small- and medium-sized enterprises EGX70 index inched down 0.52%, reaching 785.6 points, while the EGX100 index shed 0.17%, to reach 1,773.55 points.

The Commercial International Bank’s (CIB) stock edged down 0.31% to reach EGP 77.9, with a trading volume of 4.7 million shares, with a turnover of EGP 367.7 million.

The equal-weighted EGX50 index decreased 0.68%, reaching 2,515 points, with a liquidity of EGP 5.2 billion.

Foreign investors were net sellers with EGP 313.6 million, while Egyptian and Arab investors were net buyers with EGP 166.38 million, and EGP 147.28 million, respectively.

The EGX indices ended the current week trading activities at the levels of the previous week, after the EGX recovered to reach near 14,000 points after Saudi Arabia started anti-corruption crackdown, Saeed El-Feki, a branch manager of Osool ESB Securities Brokerage.

The resistance level of the EGX30 index is at 14,500, while exceeding this level requires strong momentum, El-Feki added.

El-Feki forecasted sideways performance between 14,300 and 14,500 points in the coming period, until the main EGX30 index exceed these levels to attract more investors.

Regarding the small- and medium-sized enterprises EGX70 index, it exceeded 785 points by the end of the week on 9 November, El-Feki indicated, concluding that it aims to exceed 800 points in the coming period.