Cairo - Mubasher: The Egyptian Exchange (EGX) indices rebounded in Wednesday’s late trade, as the benchmark index EGX30 gained nearly 21.31 points or 0.32% to close at 6,629.3 points.
The market opened on negative note on selling pressures, as the stocks moved lower until they reached major support levels where they witnessed purchasing power, that pushed the market up again, said Mohamed Radwan, head of technical research at Arabia online brokerage.
The benchmark sees correction movement where it targets the levels of 7,000 and 7,200 points respectively, added Radwan.
The stocks of SODIC and Heliopolis Housing advanced 2.69% and 1.86% respectively, after the announcement made by SODIC that it has been awarded 655 acres, in News Heliopolis City project, by Heliopolis Housing Co.
Meanwhile, the Commercial International Bank erased its early losses to end today's session up 1.39% to EGP 44.63 with trading value of EGP 78.5 million.
On other hand, the stocks of Global Telecom, Qalaa Holding, Porto Group and Ezz Steel went down 1.46%, 1.83%, 2.5% and 1.23% respectively.
The market capitalisation gained EGP 733.4 million ($94 million),on local investors buying, to reach EGP 422.05 billion.
The equal-weighted index EGX50 gained 0.72% to 1,136.34a points.
Similarly, the small and mid-cap index EGX70 rose 1.15% to 364.69 points, while the broader index EGX100 edged up 0.43% to 765.03 points.
The market total turnover reached EGP 639.4 million, with 228.9 million shares changed hands, through more than 18,900 transactions.
Foreign and Arab investors came as net sellers with EGP 58.6 million and EGP 2.5 million respectively, while local investors came as net buyers with EGP 61.1 million.
Institutions came as net sellers, while retail traders were net buyers.
Out of the 171 companies traded today, decliners outnumbered advancers by 125 to 17, while 29 others remained unchanged.
