Cairo – Mubasher: The Egyptian Exchange's (EGX) benchmark index surged 9.66% or 1,094 points in the week ended Thursday, 22 December, registering its highest gains in seven weeks, and closing at 12,420.3 points.
Turnover more than tripled to EGP 6.1 billion ($320 million) during the week, compared to EGP 1.8 billion ($90 million) the week before.
The EGX30 index has succeeded in surpassing the historic level of 12,000 points after soaring by almost 1,100 points this week, commented Sameh Gharib, head of technical analysis at The Roots Brokerage House.
However, minor selling and profit-taking on blue chip stocks resulted in the index shedding the week's high of 12,534 points, he added.
Gharib said he expects profit-taking to begin next week, adding that the index will see first support at 12,300 then 12,000. After that, the index will retarget 12,700 points and 13,000 points, he noted.
Market capitalisation grew by around EGP 37.6 billion ($1.98 billion), closing at EGP 608.6 billion ($32.04 billion).
Meanwhile, the EGX70 index grew 2.22% or 10 points and closed at 431.72 points this week.
The EGX70 index is likely to continue its attempts to rise above 464 and 470 points next week, Gharib noted.
Meanwhile, EGX100 gained 3.35% during the week, closing at 1,100.06 points, while the equal weight EGX50 increased 6.76% to 1,942.84 points.
Egyptian investors accounted for 78.2% of the week's trades, while foreigners and Arabs made up 13.8% and 8%, respectively.
Foreigner and Arab buying netted EGP 891.7 million and EGP 24.8 million, respectively, while Egyptians sold stocks netting EGP 916.5 million.
