By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) ended Thursday’s trading session up on the back of foreign and local buying.

The benchmark EGX30 index closed 1.93% or 266.8 points up to 14,106.17 points, the highest level since May 2017.

The EGX30 index hovering over 14,000 points will positively bolster the EGX to lure more investors, particularly foreign traders, head of research at El Marwa for Securities and Brokerage Mohamed El-Naggar told Mubasher.

The high trading volumes achieved on today’s session will support the EGX to maintain its bullish trend over the coming period, El-Naggar said, noting that the EGX30 index is targeting the levels of 14,500 and 14,700 points.

The EGX70 index added 1.47% to 772.59 points, while the EGX100 index levelled up 2.72% to 1,786.11 points.

The EGX70 index has resistance at 781 and 800 points, he highlighted, adding that indicators show strong purchasing powers on the index over the next period.

The equal-weighted EGX50 index increased 1.83% to 2,464 points.

Market capitalisation closed at EGP 789.6 billion, gaining EGP 11.99 billion.

Arab investors were net sellers with EGP 184.6 million, while Egyptian and foreign investors were net buyers with EGP104.13 million and EGP 80.5 million, respectively.

Trading volume stood at 304.8 million shares exchanged at a turnover of EGP 1.33 billion through 31,800 transactions.

The heavyweight Commercial International Bank (CIB) edged up 0.8% to EGP 73.89, with a turnover of EGP 69.35 million.

Blue chips including Eastern Co, Elsewedy Electric, and Porto Group climbed 10%, 9.89%, and 8.5%, respectively.

Translated by: Mai Ezz El-Din