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EGX closes Wednesday in green

Cairo – Mubasher: The Egyptian Exchange (EGX) ended Wednesday’s trading session in the green on the back of the buying activity of Arab and foreign investors, after showing a decline on early trade.

The benchmark index EGX30 gained 0.57% or 74.5 points, and closed at the level of 13,089 points, while EGX70 grew 0.79% to the level of 466.85 points.

Similarly, the broader index EGX100 went up by 1.29% to 1,135.46 points, while the equal-weighted index EGX50 slipped 0.02% and closed at 2,001.4 points.

Traded volumes reached 372.7 million shares, with a total turnover of EGP 1.3 billion.

The market capital went up by EGP 1.8 billion to EGP 622.2 billion.

Foreign and Arab investors leaned towards buying netting EGP 91.8 million and EGP 9.6 million respectively, while Egyptian investors were net buyers at EGP 101.4 million.

The head of technical analysis at Acumen, Hesham Hassan, said that the Egyptian bourse is moving within a narrow range, which is usually followed by a big trend moving upwards or downwards, he added that equal forces in today’s trade led to the horizontal movement of the main index.

Hassan added that the current movement is expected to continue on Thursday’s session, noting that blue chips stocks didn’t show superb performance and didn’t make up FX losses, which resulted from the floatation of the Egyptian pound.

Today, blue chip stocks helped the market to close in green after showing an early decline, as EFG Hermes registered the highest value with EGP 171.4 million, went up 0.29% and closed at the level of EGP 27.8.

Commercial International Bank (CIB), the stock with the biggest weight in the benchmark index, grew 0.84% to EGP 76.66, with a turnover that totalled EGP 59.9.

Talaat Moustafa Group increased by 0.54% to EGP 9.34, with a turnover of EGP 80.3 million.