Cairo – Mubasher: The Egyptian Exchange ended Wednesday’s trading session on a positive note following the latest cabinet reshuffle.
The main gauge reversed early decline, leveling up 0.88%, or 65 points, to settle at 7,495.5 points.
The benchmark is upwardly moving near the resistance level of 7,700, said Mohamed Ismail, technical analyst at Golden Hand Securities, adding that EGX30, if breaking below 7,350 points, is likely to go over a downward correction.
Likewise, the small and mid-cap EGX70 closed higher 1.2% to 365 points. The broader index EGX100 rose 1.2% to 789.7 points. And the equal-weighted EGX50 ended up 1.86% to 1,375.9 points.
Trading value stood at EGP867.6 million at close. Moreover, 113 stocks moved up; 31 went down; and 24 ones remained at their previous levels.
Arab and foreign investors were net buyers by EGP9.6 million and EGP18.6 million respectively, while nationals were net sellers by EGP28.3 million.
Tracking stock movement, Egyptian for Tourism Resorts led the top gainers by 9.67%, followed by Nasr Company for Civil Works (+9.44%), Misr Beni Suef Cement (+8.96%), Asek Company for Mining - Ascom (+8.04%), and Rowad Tourism (+6.57%).
Meanwhile, the negative front was headed by Pyramisa Hotels (-12.78%), Arab Pharmaceuticals (-4.78), Assiut Islamic Trading (-2.58%), Sues Canal Company for Technology Settling (-2.35%), and Cairo Poultry (-2.16%).
The total market value added EGP3.04 billion ($342.6 million) to close the session at EGP448.9 billion against EGP445.9 billion on Tuesday.
Translated by Ahmed El-Sayed Ali
