Daily News Egypt

EGX moves upward for 3rd consecutive session supported by local purchases - Daily News Egypt

Advertising Area

Advertising Area

EGX moves upward for 3rd consecutive session supported by local purchases

EGX30 up 1%, market capitalisation gains EGP 5.9bn on Monday

The Egyptian Exchange (EGX) continued on Tuesday its positive performance for the third session in a row, with the benchmark EGX30 index increasing 1.09% to settle at 10,338 points.

This was supported by local institutions’ and investment funds’ purchases, with Arab and foreign investors tending towards selling. Meanwhile, the market capitalisation gained about EGP 5.9bn. The total trading value on the EGX reached EGP 818.13m, executed through 30,580 transactions on 271.9m shares.

Mohamed Al-Aasar, Head of the Technical Analysis Sector at Aman Securities Brokerage, said EGX trading during the remaining sessions of the current week represent a good opportunity to trade in the shares selected by the Commercial International Bank (CIB).

He expected that EGX30 would move sideways-to-slightly-high this week between 9,950 and 10,350 points, and the CIB share would trade between EGP 60.5-65.

Al-Aasar projected that shares in Elsewedy Electric would move between EGP 7.20-8, and Palm Hills between EGP 1.05-1.12, compared to EGP 1.06 the previous week. He also expected shares in Heliopolis Company for Housing and Development (HHD) to move between EGP 4.45-4.90, compared to EGP 4.5 in the previous week.

Meanwhile, EGX70 EWI increased by 1.88% to 1,192 points and EGX100 EWI increased by 1.76% to 1,918 points.  The EGX50 rose 1.76% to 1,547 points, and EGX30 Capped increased by 1.2% reaching 11,959 points.

At the end of trading, green dominated most of the shares traded, as 110 stocks increased out of a total of 167 traded, while 30 fell, and 27 remained unchanged.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter