Cairo – Mubasher: The Egyptian Exchange (EGX) gained in the past week, backed by strong foreign and Arab investors' buying. Market capitalisation added EGP 13.16 billion ($730 million).
The benchmark EGX30 index surged 3.88% or 479.43 points during the week, closing at a record high of 12,824.32 points.
A total of 1.84 billion shares were exchanged at a turnover of EGP 5.25 billion on the main index.
Sameh Gharib, head of technical analysis at Roots Brokerage, commented that the benchmark index succeeded in passing its previous record high of 12,533 points, by closing at 12,824.32 points this week.
The analyst said he expected the index to extend its gains next week, and head towards resistance at 13,000 and 13,500 in extension.
Market capitalisation added EGP 13.16 billion this week, closing at EGP 614.75 billion ($34.01 billion) on Thursday, 5 January.
Meanwhile, the EGX70 index inched up 0.18% to 464.27 points, while the EGX100 index added 1.55% and closed at 1,113.04 points.
"The EGX70 is still trying to reach the sideways channel between 442 and 470," Gharib noted.
The EGX50 index increased 3.51% during the week and closed at 1,992.32 points, while turnover for the index's stocks reached EGP 5.6 billion.
Local investors' selling netted EGP 901.12 million, while Arab and foreign investors' buying netted EGP 173.38 million and EGP 727.7 million, respectively.
Egyptians accounted for 82.19% of the week's trades, while foreigners represented 10.21% and Arabs 7.60%.
Retail investors' trading made up 64.57% of the trades on the EGX with the majority executing sales, while institutional investments accounted for 35.43% with the majority buying stocks.
The EGX recorded a massive surge in 2016, jumping 76.2% or 5,339 points in the year, closing at 12,344.89 points, a record high. This followed the floatation of the Egyptian Pound on 3 November 2016.
