Cairo - Mubasher: The Egyptian Exchange (EGX) reached new all-time highs during March, recording its seventh conservative month.
The main index was supported by a number of economic catalysts, including the announcements regarding the government initial public offerings (IPOs) for a number of publicly-owned companies, as well as the listing of B Investments, the presidential elections, and finally the awaited Central Bank of Egypt’s (CBE) decision to cut interest rates by 1%.
Foreign investments also supported the market’s performance with a record EGP 4.49 billion of net purchases.
The benchmark index EGX30 added 12.78% or 1,977.46 points in March, the biggest monthly gains since November 2016, when the CBE decided to float the local currency and free the exchange rate of the Egyptian Pound (EGP), and ended the month at 17,450.15 points.
The market capital rose by EGP 81.8 billion to EGP 974.17 billion.
It is worth noting that Thursday’s session saw the stock market welcomes its 223 listed company, that it B Investments.
The small and medium-sized enterprise index EGX70 rose 1.19% to 870.97 points.
The broader index EGX100 went up by 6.2% to 2,238 points.
Meanwhile, the equal-weighted index EGX50 added 8.78% and settled at 2,986 points.
The market should expect higher liquidity being pumped in the upcoming two session after the new listing, said the head of the research department at El Marwa for Securities and Brokerage, Mohamed El-Naggar.
EGX30 is now targeting resistance levels at 17,280 then 18,500, in case of maintaining the support at 17,000 points.
