Cairo – Mubasher: The Egyptian Exchange reversed Thursday’s early losses, as its indices collectively ended the week on a higher note powered by the purchases of national individuals.
The benchmark broke the barrier of 7,500 after levelling up 39.9 points or 0.53% to 7,524.9 points.
Likewise, the small and mid-cap EGX70 rose 0.13% to 367 points. The broader index EGX100 closed higher 0.34% to 792 points. The equal-weighted index EGX50 increased 1% to 1426.7 points.
EGX30 is presently moving sideways between the support level of 7,400 and the resistance level of 6,600 following the latest uptrend, said Mohamed Ismail, technical analyst at Golden Hand securities. He added that the rise of purchasing powers successfully reversed the downtrend, turning EGX early losses into gains at close.
In the upcoming week, EGX30 is likely to keep moving sideways, the analyst said. He also anticipated the main gauge to retest the former resistance level, clarifying that Cairo bourse will remain on a positive note as long as its main scale swings above 7,400 points, the mark of losses.
CIB, the most heavy weight stock on EGX, ended the session lower 0.16% to EGP38.4 a share.
Trading value reached EGP1.04 billion. In addition, the bourse saw 82 stocks move up, 58 go down, and 39 stay at their previous levels.
Nationals and foreign investors were net buyers by EGP133.3 million and EGP8.5 million respectively, while Arab investors were net sellers by EGP141.8 million.
By category, institutions tended to sell their stocks, while national individuals were buyers.
The total market value added EGP1.2 billion to settle at EGP407.5 billion against EGP406.3 billion on Wednesday.
The positive note was headed by Tourism Urbanization with a rise of 9.96%, followed by EL Ezz Aldekhela Steel – Alexandria (+7.07%), Medical Packaging Company (+6.25), Misr Beni Suef Cement (+5.82%), and SODIC (+5.62%)
On the flip side, Misr Oils & Soap, El Obour Real Estate Investment, Egyptian Gulf Bank, Delta For Printing & Packaging, and Minapharm Pharmaceuticals declined by 9.70%, 7.99%, 5%, 3.48% and 3.35% respectively.
Translated by Ahmed El-Sayed Ali
