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EGX hits new record for 2nd week in row

EGX hits new record for 2nd week in row
EGX30 to new high, EGX70 to highest level in eight years

Cairo - Mubasher: The Egyptian Exchange (EGX) achieved new gains during the third week of 2018, which ended Thursday 18 January.

EGX30, the market’s benchmark index, gained 1.11% or 168.52 points, as it ended the week at its all-time record high of 15,411 points.

Traded volumes amounted to 1.2 billion shares, with the total turnover reaching its highest level since last November at EGP 4.2 billion.

The market capital increased by EGP 14.7 billion, closing at EGP 861.8 billion, compared to EGP 847.1 million in the previous week.

EGX70 levelled up 0.48% to 855.06 points, its highest close level since 2009, while the broader index EGX100 was up 1.03% to 2,037 points, and the equal-weighted EGX50 rose 2.65% to 2,744 points.

The main index was able to exceed a major resistance level in 15,300 points, according to inancial analyst Michael Mamdouh.

Positive news such as upgrading Egypt’s credit ratings by Fitch supported the market gains this week, leading the benchmark index to a new historic level, Mamdouh added.

As for the market sectors, the financial and petrochem indices saw a noticeable activity, alongside housing and tourism stocks, the analyst noted.

Michael Mamdouh also indicated that the small and medium stocks index EGX70 also surpassed an important resistance at 850 points.

A rise in volumes and more liquidity pouring into the market, especially with the increase in foreign investments, helped lift up the market indices, he further explained.

Meanwhile, expert Said El-Fekky of Osool Securities noted that the main index is currently targeting resistance levels between 15,500 to 15,800 points, while EGX70 will aim at reaching the levels of 865-885.