Cairo – Mubasher: The Egyptian Exchange's (EGX) benchmark index ended Thursday up, gaining 1.47% or 116.1 points and closing at 8,030.8 points, backed by foreign and Arab institutional purchases.
EGX heavy-weight CIB-Egypt surged 6.6% to EGP 47.55, with a turnover of EGP 153.1 million.
The EGX70 index fell 0.38% to 362.49 points, while the EGX100 added 0.30% and closed at 784.9 points. The EGX50 shed 0.43% to 1,384.5 points.
Passing the 8,000-point mark and stablising above it for more than one session gives an indication of further gains in the coming period, commented Hesham Hassan, head of technical analysis at Acumen Securities.
Remaining above 8,000 points will prompt the benchmark index to target the levels of 8,300 and 8,600 points, respectively on the short and medium terms, the analyst told Mubasher.
He advised traders to initiate buying positions on the short term, while maintaining a level of liquidity not less than 25% until the index passes these levels and remains above them.
Turnover on the EGX reached EGP 803.4 million on Thursday, up from EGP 783.5 million on Wednesday. A total of 47 stocks were in the green, while 89 were down and 38 remained unchanged.
Foreign and Arab institutional buying was dominant on the EGX today and netted EGP 56.6 million and EGP 13.9 million, respectively, whereas Egyptian institutions' net selling reached EGP 32.9 million.
Meanwhile, foreign and Arab retail investors purchases stocks worth EGP 56 million and EGP 10 million, respectively, whereas Egyptian net selling amounted to EGP 66 million.
Market capitalisation added EGP 1.9 billion and closed at EGP 415.8 billion, compared to Wednesday's closing of EGP 413.9 billion.
