The Egyptian Exchange (EGX) have witnessed a rise at the end of Tuesday’s trading session, with market capitalisation gaining EGP 9.5bn, supported by local and Arab investor purchases. The benchmark EGX30 rose by 2.5% to close at 10,935 points, with trading volumes approached EGP 1bn.
The Pharos daily technical report sees that the consistency of trading above the key support 10,500 points increases the likelihood of resuming the upward move. The first resistance level to watch lies at 10,800, followed by 11,000 points.
The report added that short term players can step into new buying dip chances, while placing their stop just below Tuesday’s lows.
Pharos advised trading on selected stocks, including Heliopolis Company for Housing and Development, Pioneers Holding, Qalaa, SODIC, Talaat Mostafa Group (TMG), Commercial International Bank (CIB), EFG-Hermes, Telecom Egypt (TE), Ghabbour Auto, Arab Cotton Ginning Company, Egyptian Kuwaiti Holding, Egyptian Resorts Company (ERC), Orascom Development, and CI Capital.
Amer Abdel-Qader, Head of Brokerage Sector at Pioneers Holding, said the market rise will support its continued spike up to 11,200 points by the end of the week through selective purchases.
Meanwhile, EGX70 EWI increased by 2.3% to end the session at 1,312 points, and EGX100 EWI rose by 2.01% to 2,080 points.