Cairo – Mubasher: The Egyptian Exchange indices demonstrated a varied performance in February.
The benchmark EGX30 jumped 154.21 points or 2.57% month-on-month to 6,146.93 points from 5,992.72 points.
In spite of the uptrend last month, EGX30 is likely to witness volatile movements during the coming month, said Sameh Gharib, financial analyst, clarifying that crossing the limit of 5,526 points will push the main gauge to target lower levels starting from 5,150 points, lingering then downwardly.
The small and mid-cap EGX70 edged down 5.34 points or 1.5% to 351.05 points, compared with 356.39 points.
The analyst said EGX70 will likely continue to see corrections as long as it keeps moving above the main key support level of 323 points. He added that it is, however, expected to see sharp and fluctuating changes in the next month as it kept moving downward in February.
The broader index EGX100 ended the month 1.04% higher to 723.05 points from 715.62 points a month earlier.
The equal-weighted index EGX50 added 52.55 points or 4.79% to 1,149.5 points from 1,096.95 points in January.
Market capitalisation added EGP 1.98 billion ($252.4 million) to EGP 393.09 billion from EGP 391.12 billion a month ago.
The total market value was powered by purchases of national and Arab investors that reached EGP 154.3 million and EGP 481.5 million respectively. Meanwhile, foreign investors strongly tended to sell their stocks by a net of EGP 635.8 million.
In January, Cairo bourse saw a slide as the total market value lost EGP 38.6 billion and EGX30 also dropped 14.46% to 5,992.72 points.
Translated by Ahmed El-Sayed Ali
