Cairo – Mubasher: The indices of Cairo bourse collectively reversed early fall, closing Monday’s trading session on a positive note.
Powered by the purchases of foreign investors, the benchmark finished Monday higher 0.19% to 7494.10 points.
As long as the main gauge is having support at 7,370 points, it will re-bounce to the resistance level of 7,600, said Sameh Gharib, head of technical research at Roots Securities, adding that EGX30, if moving down the level of 7,370, will likely see correction and then test the first support mark of 7100.
The small and mid-cap EGX70 also rose 0.83% to 368.96 points. It is likely to target higher levels reaching 370 points first and then 384 points, said Gharib. However, if the present uptrend is snapped, the small and mid-cap index may go downwardly to the support level of 345, Gahrib expected.
Likewise, the broader index EGX100 closed up at 0.76% to 749.97. The equal-weighted index EGX50 went up by 1.03% to 1,408.95 points.
The total market value gained EGP1.7 billion ($193.4 million), settling at EGP405.84 billion against EGP404.12 billion on Sunday.
Trading value stood at EGP815.7 million after 406.3 million shares were traded. Moreover, the bourse saw 96 stock move up, 51 move down, and 32 ones stay at their previous levels.
Foreign investors were net buyers by EGP34 million, while national and Arab investors were net sellers by EGP13.4 million and EGP20.6 million respectively.
