Cairo – Mubasher: The Egyptian Exchange indices collectively saw a rise in July, backed by local investors’ buying appetite.
The benchmark index EGX30 added 1040.6 points, or 14.99%, which is the top gaining streak since March 2016, to stand at 7,983.15 points, which is the highest monthly closing since March 2015.
The largest EGX30 constituent CIB also recprded the most significant level since 2014 after rising 114.8 points, or 18.7%, to end the month at EGP 47.3 a share.
Likewise, the small and mid-cap index EGX70 increased 10.5 points, or 3%, to 361.6 points.
The broader index EGX100 moved up 5.3% to 782.8 points and the equal-weighted index EGX50 leapt 9.1 %, or 114.8 points, to 1374.7 points.
Both national and Arab investors were net buyers by EGP 618.9 million and EGP 47.1 million respectively, while foreigners were net sellers by EGP 755.6 million.
Trading value reached EGP 13.8 billion compared with EGP 13.9 billion a month earlier.
Trading volume stood at 3.9 million shares changing hands in 363,000 transactions versus 3.1 million shares traded in 329,000 transactions in June.
During the next month, Cairo bourse is expected to keep giving a sideways performance as the benchmark finished July below the mark of 8,000 points, said Ahmed Al Bagory, head of technical analysis department at Okaz Stockbrokers and Investment.
EGX30 still can target higher levels on the short and medium terms, only if holding above the mark of 8,000 points, the analyst concluded.
