Cairo - Mubasher: The Egyptian Exchange's (EGX) benchmark index ended the week at a rise, especially after the Central Bank of Egypt's (CBE) decision to stablise the Egyptian pound against the dollar.
The dollar's price remained unchanged in the latest regular forex auction, at EGP 8.78, according to two treasury sector officials.
The EGX30 index levelled up this week by 5.57%, the highest surge in 17 weeks, adding 400.26 points to close at 7,583.06 points.
The benchmark thus succeeded in paring some early losses amid strong buying brought by a partial comeback of selling hands, said Sameh Gharib, head of technical research, Roots Stock Brokerage House.
On Sunday, the EGX30 is forecast to target the resistance level of 7,650 points, which is viewed as a no-advance mark over which strong selling is expected, Gharib added, indicating that this outlook is likely to be maintained as long as trading is kept above the support level of 7,370 points.
In the event that the index declines, it will target the level of 7,100 points once again, the analyst concluded.
Both institutional and retail buying equalled at EGP 129.2 million, with Egyptians dominating this week’s trades and accounting for 78.9% of the total.
On the same note, the EGX70 went up 1.61% to 359.77 points, while EGX100 increased 2.11% to 769.64%. The EGX50 grew 3.48% to stand at 1351.77 points this week.
Market cap won EGP 13.9 million ($1.6 million) closing at EGP 404.4 billion ($45.54 billion), compared to EGP 390.4 ($43.96 billion) in last week’s closing.
