Cairo – Mubasher: The indexes of Egyptian Stock Exchange (EGX) saw a positive performance this week, after the Central Bank of Egypt (CBE) decided to float the exchange rate.
The market capitalisation gained EGP 17.6 billion to reach EGP 428.7 billion this week, compared to EGP 411.05 last week.
The benchmark EGX30 rose 5.6% or 467.2 points to reach 8,810.51 points this week, compared to 8,343.3 points last week.
The EGX30 extended its rising performance during this week, supported by strong increases on Thursday, following the CBE decision, which led the index to exceed the level of 8,600 points, according to Sameh Gharib, head of technical research, Roots Stock Brokerage House.
He added that some selling pressures appeared on stocks after these strong rises and expected that they will continue at the beginning of the next week.
The EGX70 increased 3.36% or 11.41 points to reach 350.73 points, while the broader index EGX100 went up 2.83% to 822.33 points.
Gharib noted that the EGX70 is facing the level of 356 points which is a strong resistance level that is hard to be overdrawn by the index.
The analyst expected that selling pressures would appear by the beginning of the next week.
The equal-weighted index EGX50 added 5.10% or 66.50 points to 1,370.68 points this week.
Egyptian investors acquired 93.5% of the trading this week, while foreign and Arab traders obtained 3.7% and 2.7%, respectively.
Institutions acquired 82.3% of the bourse's trades during the week, while the individual got 17.7% of them.
