Egypt’s bourse ended higher on Tuesday with gains worth 4.6 pounds powered by foreign buying appetite. The country’s main bourse index surged to cross 7720 points amid expectations to continues its rally towards 7900-8000 points, according to Beltone Financial’s latest report.
Beltone Financial said Egypt’s benchmark index EGX30 crossed the resistance levels of 7640 and 7700, and thus is expected to continue the rally towards 7900-8000 points.
“Traders are advised to buy now and add to their portfolios,” said Mohab Ageena, head of technical analysis, Beltone, “The 7500 level will be the stop-loss point.”
The Egyptian Exchange (EGX) indices were wavering in green notes on Tuesday afternoon.
Indices
Egypt’s benchmark index EGX30 ended 1.90 per cent higher to 7720.95 pts; while EGX20 finished 1.84 per cent up to 9132.26 pts.
Meanwhile, the mid- and small-cap index, the EGX70 hiked by 0.54% to close at 654.76 pts. The price index EGX100 increased by 0.87 per cent to conclude at 1114.83 pts.
Furthermore, the market capitalization recorded EGP 477.534 billion on Tuesday.
Turnovers Crossing One Billion Pounds
Through the closing session of Tuesday, the trading volume has reached 321.454 million securities, with turnovers worth EGP 1.089 billion, exchanged through 42.219 thousand transactions.
Also during the closing session, 183 listed securities have been traded in; 58 declined, 114 advanced; while 11 keeping their previous levels.
Investors’ Activities
The non-Arab foreign investors were net buyers capturing 8.73% of the total market, with a net equity of EGP 30.963 million, excluding the deals.
On the contrary, Egyptian and Arab investors were net sellers seizing 81.99% and 9.28% respectively of the total markets, with a net equity of EGP 4.756 million and 26.206 million respectively, excluding the deals.
Companies’ Activities
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price increase by 0.80 percent to EGP 11.30.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) soared 2.45 percent to EGP 35.56.
In the real estate sector, Palm Hills Development Company (PHDC.CA) pushed up by 1.60 percent to trade at EGP 3.17, Talaat Moustafa Group Holding (TMGH.CA) rose by 0.70 percent to trade at EGP 7.20, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) surged 0.80 percent to close at EGP 24.07.
