Cairo – Mubasher: The Egyptian Exchange (EGX) started Sunday on a stronger note, backed by national purchases.
The main index EGX30 rose 109.55 points or 0.77% to 13,333.8 points by 10:18am Cairo local time (CLT).
The small and mid-cap EGX70 was higher 0.55% to 475.7 points.
Likewise, the broader index EGX100 and the equal-weighted index EGX50 increased 0.63% and 1.28% respectively.
Nationals were net buyers by EGP 9.1 million, while Arab and foreign investors were net sellers by EGP 7.1 million and EGP 1.98 million, respectively.
By category, institutions were placed as buyers with EGP 1.4 million, while individuals were net sellers.
Trading value reached EGP 200.6 million after 71 million shares were traded by 10:27am CLT.
Hesham Hassan, head of technical analysis at Acumen Securities said foreign buying appetite will likely keep boosting EGX main index this week thanks to the pound’s liberalization.
“Such momentum will likely push the index to target the 15,000 zone on the medium run. While having support at 12,950-400, the main gauge is to face resistance at the 13,525-14,000 zone”, Hassan added.
