By: Heba El-Kordy
Cairo – Mubasher: The benchmark EGX30 index is hitting new records in 2018 after the Coptic Christmas holiday, as well as the thin liquidity it saw end-2017.
By 10:34 am Cairo time, the EGX30 index jumped 1.25% or 187.17 points to 15,140 half an hour after Tuesday’s trading session started.
The heavyweight Commercial International Bank climbed 2.83% to the highest level since October 2017 at EGP 80.3 as EGP 27.7 million were exchanged through 346,200 shares.
Blue chips saw an upward trend, led by Egyptian Iron and steel (HADISOLB) with a 3.79% growth, followed by Abu Dhabi Islamic Bank and Emaar Egypt which added 3.38% and 3.35% respectively.
On the other hand, Oriental Weaver Carpets was the only decliner with a 0.20% slip.
The EGX30 index has been able to surpass support between 14,700 and 14,750 points in spite of weak liquidity to notch its first new record in 2018 on the back of CIB, technical analyst at Jazira Securities Brokerage Ahmed Thabet told Mubasher.
The main index is targeting 15,250 and 15,300 points, Thabet highlighted, forecasting the index to carry on the bullish trend at 15,500 points after passing a simple wave of profit-taking.
The CIB has resistance at EGP 80, the analyst noted, expecting that the stock may face a slight profit-taking at EGP 76 to maintain a new wave to EGP 85.
Translated by: Mai Ezz El-Din
