By: Heba El-Kordy
Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) have closed November high, ignoring the recent terror attacks in Sinai.
The benchmark EGX30 index closed up 1.67% or 239.84 points, climbing to 14,582.22 points for the first time, and about EGP 17.25 billion were traded on the index in November through 5.2 billion shares.
Market capitalisation rose 4% or EGP 29.2 billion in November, recording its highest level since 2008 at EGP 814.12 billion.
The heavyweight Commercial International Bank (CIB) shed 4.43% to EGP 75.34 with a turnover of EGP 1.7 billion.
Likewise, the EGX70 index added 1.72% to 795.43 points and the EGX100 index levelled up 4.75% to 1,852.16 points.
On the other hand, the equal-weighted EGX50 index slipped 0.39% or 9.79 points to 2,523 points.
Egyptian investors were net sellers in November with EGP 2.13 billion, while Arab and foreign investors were net buyers with EGP 902.13 million and EGP 1.2 billion, respectively.
Moreover, Saeed El-Feki, CEO of Osool ESB Securities Brokerage, said that the EGX hit records high in November at 14,600 points on the back of foreign institutional purchasing power that assure foreign investors’ trust in the Egyptian economy despite the terror attacks.
The upward trend the EGX saw in November is likely to fade away by the beginning of next week, El-Feki forecast, adding that the EGX may see profit-taking on stocks.
He further noted that the EGX30 index may move above its current level over the coming period.
The EGX70 index may test resistance at 820 points over the coming sessions if it moved above 800 points, he highlighted.
Translated by: Mai Ezz El-Din
