Cairo – Mubasher: The Egyptian Exchange finished Monday’s trading session on a stronger note backed by Arab investors’ growing purchasing appetite.
The main index EGX30 rose 74.3 points, or 0.98%, to 7,646 points, thus recording the highest mark in May 2016.
Most blue-chip stocks moved up, namely the largest EGX30 constituent, CIB, that was 0.84% higher to EGP44.5 with a turnover of EGP113 million.
“South Valley Cement, Eastern Company, and Oriental Weavers were the top performing stocks in the EGX30 as they jumped 2.4%, 2.2%, and 1.9%, respectively”, according to Pharos daily report.
Trading value registered EGP548.3 million. In addition, the bourse saw 87 stocks go up, 50 ones move down, and 32 stay at their previous levels.
Arab investors were net buyers by EGP45.8 million, while nationals and foreign investors were net sellers by EGP24.2 million and EGP30.5 million respectively.
Market capitalization added EGP1.7 billion to close at EGP409.6 billion by the end of the session.
The top advancers were Development & Engineering Consultants (+9.35%), Remco for Touristic Villages Construction (+8.13%), Al Arafa for Investment and Consultancies (+7.69%), and Extracted Oils (+6.90%).
On the other hand, the laggards were El Orouba Securities Brokerage, Alexandria National Company for Financial Investment, Egyptian Arabian Securities Brokerage, and Ismailia National Food Industries with a slide of 8.43%, 5.61%, 4.21%, and 4.12% respectively.
In this context, Hanan Ramses, CEO of Cairo Securities, said Arab investor’s strong buying appetite drove EGX to a green ending on Monday. Meanwhile, national investors were on the side of caution, waiting for the coming updates on Beltone's bid for CI Capital, Hanan added.
The benchmark, she continued, is still moving upwardly to the mark of 7,750 points at which either a bull-run or bear-run will be decided.
Based on Pharos’ interpretation of EGX stocks, Cairo bourse might witness a big fall, which will be determined at the break of “666.0 on the Hermes Last Index and 7,250 on the EGX30 Index”. Therefore, investors are advised to “place a clear stop below the latter support levels”, said the research firm.
Translated by Ahmed El-Sayed Ali
