By: Heba El-Kordy
Cairo – Mubasher: The benchmark EGX30 index has scored new significant levels early Monday amid the New Year holiday.
By 11:49 am Cairo time, the main index of the Egyptian Exchange (EGX) hit record highs at the level of 14,812 points, adding 0.14%.
The index has surpassed the level of 14,812 after breaking records on Sunday’s trading session, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said.
Meanwhile, trading volume stood at 42.3 million shares on Sunday exchanged through 7,000 transactions at a turnover of EGP 159.2 million.
The EGX30 index is likely to settle above the level of 14,770 points as investors are anticipating the fiscal year’s closure and the end of the New Year holidays, El-Naggar forecast.
The analyst recommended traders to hold on their stocks at their current levels and wait for the economic decisions that may impact the stocks’ performance until 8 January when the EGX is expected to revive on the back of the government's initial public offerings (IPOs).
The heavyweight Commercial International Bank (CIB) is still moving downward, he indicated, pointing out that investors are still concerned over the Central Bank of Egypt’s (CBE) disapproval of free shares of stocks.
The CIB’s stock is trying to move above EGP 75 in light of foreign traders’ absence, seeking to keep what it has achieved in 2017 and get ready for trading sessions that will take place after 8 January, he continued.
The EGX70 index is still moving upwardly, targeting the levels of 870 and 885 points, El-Naggar said, noting that the index is likely to grow more than the EGX30 index over the coming period.
At this moment, the EGX70 index gained 1.41% or 11.58 points to 829.67 points.
Translated by: Mai Ezz El-Din
