Cairo – Mubasher: Egyptian Exchange (EGX) indices held at the closing of Thursday’s session, closing at what analysts described as a “slight rise” after five straight declines.
The EGX30 index edged up 0.08% to close at 7,420.4 points, while EGX70 and EGX100 added 0.16% and 0.11% to reach 360.3 points and 766.5 points, respectively.
Turnover reached EGP 443.8 million after 133.6 million shares were traded. A total of 65 stocks gained, 45 retreated and 38 remained unchanged.
Foreign investor buying netted EGP 20.6 million, while Egyptian and Arab selling netted EGP 1.8 million and EGP 9.7 million, respectively.
Commercial International Bank (CIB-Egypt) grew 0.14% to EGP 41.99, after turnover reached EGP 123 million.
Thursday’s slight increase came as a reaction to the sharp declines seen in the past two sessions, noted Hesham Hassan, head of technical analysis at Acumen for Securities, adding that the market needs another session of gains to confirm an upward rebound.
The level of 7,300 points remains a stop loss call, he added.
If the benchmark index does not pass the level of 7,500 points, the market will move downwards, the analyst said, noting that the market is awaiting the Central Bank of Egypt’s (CBE) decision regarding interest rates for deposits and loans.
Market capitalisation grew EGP 1.4 billion to close at EGP 399.1 billion from EGP 397.8 billion on Wednesday.
Naeem Holding, West Delta Mills, Egyptian Arabian Themar, Egypt Kuwait Holding and Cairo Development and Investment led risers, with gains ranging between 6.4% and 5.2%.
On the other hand, the stocks of El Wadi Co. for Touristic Investment, Medical Packing, Cairo For Educational Affairs, Delta for Construction and Rebuilding, and Rakta companies topped the list of decliners, falling between 9% and 5%.
