By: Heba El Kordy
Cairo – Mubasher: The benchmark EGX30 index has hit an all-time high early Monday above 15,500 points amid thin liquidity.
By 10:25 am Cairo time, the EGX30 index edged up 52.33 points, or 0.35%, to 15,522.10 points.
The indices of the Egyptian Exchange (EGX) are seeing a bullish trend since last week in spite of the declining trading volume and turnover, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said.
Meanwhile, trading volume stood at about 18.5 million shares changed hands through 3,800 transactions at a turnover of EGP 123.4 million.
Stable global stock markets have positively impacted the EGX to resume rising, following the downward trend it witnessed since the end of January, El-Naggar highlighted.
The EGX is likely to test 15,500 and 15,600 points over the coming period, he projected, adding that the EGX may reach these levels by the first week of March.
Investors are currently concerned over trading in the local market, which may cause a turnover among sectors, he continued.
Despite the upward trend the EGX is seeing, the heavyweight Commercial International Bank (CIB) tumbled by 1.05% at 11:00 Cairo time.
Translated by: Mai Ezz El-Din
