By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) closed the week ended 29 August in green territory on the back of the Central Bank of Egypt’s (CBE) decision to lower interest rate by 1.5%.
The benchmark EGX30 index rose by 502 points, or 3.5%, to end the week at 14,835 points, compared to 14,333 points in the previous week.
After testing support level at 14,280 points, the benchmark index exceeded resistance level at 14,540 points, hitting the highest level at 14,800 points, customer relations manager at Arabeya Online Michael Naguib said.
The EGX30 index is forecast to target the level of 15,000 points in the next period, Naguib added.
During Thursday’s trading session, the heavyweight Commercial International Bank (CIB) reached its highest level since April 2018 and is expected to target EGP 84 in the coming period.
Over the week, CIB advanced by 6.8% to EGP 80.4 after 9.8 million shares were traded at a turnover of EGP 757.4 million.
The small- and mid-cap EGX70 index was stable at 553 points during the week.
Meanwhile, the broader EGX100 edged up to 1,455 points at the end of this week, compared to EGP 1,443 points a week earlier.
Market capitalisation gained EGP 10.9 billion to close the week at EGP 770.2 billion, compared to EGP 759.2 billion in the prior week.
