By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday’s trading session in green territory on the back of foreign buying.
The benchmark EGX30 index leaped 313.25 points, or 1.99%, finishing the mid-week session at 16,022.26 points.
The EGX30 index has been able to break resistance above 16,000 points, backed by the remarkable financial results of major firms, mainly the real estate and the petrochemical sectors’ firms, chairperson of 3Way Finance Rania Yacoub said.
Moreover, the Saudi Crown Prince's visit to Egypt and the Egyptian-Saudi megacity project have positively impacted the Egyptian economy overall, Yacoub indicated, adding that this should raise investors' optimism and boost trading volume on the EGX.
Market capitalisation gained EGP 11.4 billion, closing at an all-time high level of EGP 940.37 billion.
The heavyweight Commercial International Bank (CIB) rose 3.44% to EGP 8.11 at a turnover of EGP 212.9 million.
The EGX70 index edged up 0.7% to 881.44 points, while the EGX100 index jumped 1.5% to 2,163 points.
Trading volume stood at about 314.7 million shares exchange at a turnover of EGP 1.92 billion through 34.28 transactions.
Egyptian investors were mostly sellers, netting EGP 239.2 million, while non-Arab and Arab investors were net buyers with EGP 233.47 million and EGP 5.7 million, respectively.
Yacoub projected the EGX to extend gains and hover around 17,000 points before mid-2018.
Translated by: Mai Ezz El-Din
