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 closed the session up 68.88 points, or 0.45%, hitting an all-time high at 15,522.88 points.
The EGX30 index has been able to hover above 15,500 points, which will push the index higher towards 15,700 and 16,000 points, backed by buoyant liquidity, head of technical analysis at Acumen for Securities Hesham Hassan said.
The heavyweight Commercial International Bank (CIB) edged up 0.47% to EGP 78.7% at a turnover of EGP 32.17 million.
The CIB’s stock will maintain the bull run alongside settling above EGP 78, Hassan indicated, pointing out that the stock is projected to carry on rising by early March on the back of positive news.
The CIB may break above EGP 80 after the anticipated ordinary general meeting’s decision on 3 March regarding raising the lender's capital, on which the index may target EGP 82 next month, he highlighted.
The EGX70 index inched up 0.2% to 862.21 points, while the EGX100 index added 0.94% to 2,104 points.
Market capitalisation gained EGP 4.3 billion to finish the mid-week session at EGP 896.3 billion.
Trading volume amounted to about 241.2 million shares changed hands through 30,700 transactions at a turnover of EGP 1.23 billion.
Egyptian investors were mostly sellers, netting EGP 14 million, while non-Arab and Arab investors were net buyers with EGP 7.7 million and EGP 6.3 million, respectively.
Eastern Co. led rising blue chips with a 3.73% growth, followed by Egyptian Iron and Steel (HADISOLB) and Amer Group which soared 3.28% and 3.23%, respectively.
On the other hand, Citadel Capital topped losers with a 2.82% drop, followed by Ezz Steel and Arabian Cement which fell 2.45% and 2.29%, respectively.
Translated by: Mai Ezz El-Din
