Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices closed the week on Thursday, 23 November in the green zone backed by a growth in foreign and local buying.
The main EGX30 index surged 1.87% or 258.8 points to reach 14,106.17 points, registering its second highest gaining during November.
The EGX30 index’s trading volume stood at 902.8 million shares, generating EGP 3.26 billion.
On a weekly basis, market capitalisation gained EGP 18.6 billion, closing at EGP 789.6 billion, compared to EGP 771.03 billion.
The Commercial International Bank’s (CIB) stock rose 0.2% to reach EGP 73.61, after 4.04 million shares were exchanged, with a liquidity of EGP 297.08 million.
The EGX70 index grew 1.25%, reaching 772.59 points, while the EGX100 index went up increased 3.13% to reach 1,786.11 points.
The equal-weighted EGX50 index levelled up 0.78%, reaching 2,464.92 points, with a turnover of EGP 3.8 billion.
In the week ended on Thursday, 23 November, Egyptian investors were net sellers at EGP 1.2 billion, while foreign and Arab investors were net buyers with EGP 961.6 million, and EGP 245.7 million, respectively.
The economist and capital market expert, Safaa Fares, stated that if the benchmark EGX30 index needs to continue rising, it needs strong buying from Egyptian and foreign institutions, as well as forming financial positions in the leading stocks.
The main EGX30 index has a resistance level at 14,300 points, while its support level at 13,860 points, and breaking down this level it will fall to 13,700 points, Fares added.
Regarding the EGX70 index, Fares concluded that its resistance is at 785 points, while exceeding this level it will rise to 800 points, its support level at 764 points, and breaking down it will tumble to 752 points.
