Cairo – Mubasher: The Egyptian Exchange (EGX) saw a bullish wave during October on the back of Arab buying.
The benchmark EGX30 index rose 3.27% or 453.87 points to the level of 14,342.38 points in October.
Market capitalization gained EGP 36.3 billion and closed the month at EGP 784.9 billion.
The heavyweight Commercial International Bank – Egypt (CIB) shed 3.42% to EGP 78.83 at a turnover of EGP 1.9 billion.
The EGX70 index added 1.09% to 781.98 points, while the EGX100 index grew 2.58% to 1,723.82 points.
The equal-weighted EGX50 index levelled up 9.49% or 219.47 points to 2,532 points.
Arab investors were net buyers with EGP 499.4 million, while Egyptian and foreign investors were net sellers with EGP 373.7 million and EGP 125.6 million, respectively.
Saeed Al-Feki, branch manager at Osool ESB Securities said that the EGX30 index is moving towards 14,400 points, achieving new high records after breaking above 14,100 points.
The EGX may see slight profit-takings to re-create purchasing powers before the EGX30 index re-target 14,400 points, El-Feki forecasted.
Blue chips are expected to see strong performance over the coming week, pushing the EGX30 index above 14,400 points.
The EGX70 index has resistance at 785 points, the expert noted.
