Cairo - Mubasher: The Egyptian Exchange (EGX) ended in positive territory on Wednesday, as the benchmark index EGX30 advanced 2.74% or 186.26 points to extend its gains for the eight sessions in row.
The benchmark closed at 6,981.01 points, its highest level in 36 sessions.
"The benchmark break above the resistance level of 6,900 points on Wednesday, turning it to a new support level," said Walid Hilal, portfolios Manager at Mokattam brokerage.
The benchmark is expected to move above the level of 7,000 points, after it succeeded today in surpassing the level of 6,900 points on trading values of nearly EGP 700 million, added Hilal.
The stocks of Commercial International Bank, EFG-Hermes, Palm Hills, Qalaa Holding, Orascom Telecom Media, Orascom Construction Industries, SODIC and Amer Group advanced 0.70% to 5.1%.
The market capitalization gained EGP 2.49 billion ($318.6 million), on the purchases of retail local investors, reaching EGP 428.68 billion.
The small and mid-cap index EGX70 went up 1.49% to 378.97 points; while the broader index EGX100 gained 1.75% to 789.63 points.
Similarly, the equal-weighted index EGX50 surged 1.86% to 1204.06 points.
The market total turnover recorded EGP 1.26 billion, with 368.9 million shares changed hand through 26.5 million transactions.
Local and foreign investors came as net sellers with EGP 30.7 million and EGP 18.9 million respectively, while Arab investors came as net buyers with EGP 49.7 million.
Institutions came as net buyers, while retail traders were net sellers.
Out of the 179 companies traded today, advancers outnumbered decliners by 86 to 77, while 16 others remained unchanged.
