Cairo – Mubasher: EGX indices collectively finished Wednesday’s trading session in the green territory, backed by the purchases of Arab and foreign investors.
The total market value gained EGP3.55 billion, or $400.6 million, to close the session at EGP404.16 billion against EGP400.61 billion
The benchmark rebounded from a three-session decline to end 1.22% higher to 7,420.61 points.
Accordingly, the main index neared the support mark of 7,250 points, but was, however, incapable of moving above the resistance level of 7,430, said Waleed Hilal, deputy director at Egyptian Group for Securities, anticipating EGX30 to shoot and settle above the former resistance mark tomorrow.
Arab and foreign investors were net buyers by EGP51.4 million and EGP13.4 million respectively, while Nationals were net sellers by EGP64.8 million.
By category, individuals were net buyers, while institutions tended to sell their stocks.
The small and mid-cap index EGX70 also ended 0.95 up to 368.55 points. In this way, the small and mid-cap index is likely to target the mark of 385 and then 400 on the short term, said Waleed Hilal.
Likewise, the broader index EGX100 rose 0.97% to 785.49 points. The equal-weighted index EGX50 went up by 1.38% to 1,425.67.
The bourse registered a trading value of EGP471 million. In addition, it saw 98 stocks move up, 33 move down, and 41 stay at their previous records.
The top gainers were led by Orascom Hotels And Development, Cairo Development and Investment, and Advanced Pharmaceutical Packaging with a rise ranging from 9.30% to 9.87%.
The top losers were El Obour Real Estate Investment, Delta Insurance, and Alexandria National Company for Financial Investment with a decline ranging from 6.41% to 7.71%.
All in All, the Egyptian Exchange still maintains its upward movement in the medium term, irrespective of the latest temporary period of downward correction that is likely to lapse on impetuses given by a bunch of Egypt – Saudi agreements signed on King Salman’s latest and first five-day visit to Egypt, the analyst concluded.
Translated by Ahmed El-Sayed Ali
