Cairo – Mubasher: Egypt's equity market rose this week to its highest level in six weeks, powered by the strong buying activity among Arab traders.
The main index, or EGX30, added 7.8% or 474 points to close at 6563.6 points.
Market capitalisation increased by EGP 18.8 billion ($2.39 billion) to end at EGP 411.6 billion, up from EGP 392.8 billion last week.
Arab and foreign traders were net buyers by EGP 297.6 million and EGP 31.2 million respectively, while nationals were net sellers by EGP 328.8 million.
The equal-weighted index EGX50 rose by 5.4% to 1227.8 points and the broader index EGX100 ended 1.5% higher at 735 points. EGX70 advanced by 0.63% to 354.5 points.
A continued strong buying will likely push the main index higher towards 6700-6800 points, said Sameh Gharib, analyst, adding that support level stands at 6000 points.
