Cairo – Mubasher: Egypt's stock market added around EGP 3.78 billion ($483.3 million) this week to close at EGP 429.79 billion), up from EGP 426 billion a week earlier.
The main index EGX30 rose by 2.84% or 193.36 points to end the week at 7,006.01 points, up from 6,812.65 points.
The leading stocks continued to back the market, mainly CIB that will likely target the next resistance at EGP 38.50 level, a break above which the stock is expected to go further higher towards EGP 40.50, said Ehab Said, managing director of Osool Securities.
The analyst also expected TMG stock to target EGP 7.20-7.30 upon breaking above the EGP 6.70 level. He forecasted EFG-Hermes stock to consolidate above the resistance level of EGP 8.60 and to near the EGP 9.30-9.50 area.
The main index will likely continue its medium-term correction to target 7,250 points, according to the analyst.
EGX70 rose by 1.89% or 7.06 points to 378.69 points, while the broader index EGX100 ended 2.72% or 20.97 higher at 790.57 points. The equal weighted index EGX50 pulled ahead by 2.2% to 1,20.54 points.
National investors were net buyers by EGP 130.8 million, while foreign and Arab traders were net sellers by EGP 75.5 million and EGP 55.3 million in a row.
