Egypt’s Main Bourse Index Nears 7900 early Thursday

Egypt’s bourse opened higher on Thursday with gains of 2 billion pounds approximately, backed by foreign buying appetite. Also, the country’s main bourse gauge climbed at early trading to near 7900 points to meet expectations made by Beltone Financial that the rally will continue towards 7900-8000 points.

“ Egypt’s benchmark index EGX30 crossed the resistance levels of 7640 and 7700, and thus is expected to continue the rally towards 7900-8000 points.”

“Traders are advised to buy now and add to their portfolios,” said Mohab Ageena, head of technical analysis, Beltone, “The 7500 level will be the stop-loss point.”

Moreover, the Egyptian Exchange’s indices were wavering in green notes during the opening session.

Indices

The Benchmark EGX30 surged by 0.72% to 7897.29 p; while EGX20 hiked by 0.86% to 9302.84 p.

Additionally, the mid- and small-cap index, the EGX70 went up by 0.09% to 658.59 p.  Price index EGX100 increased by 0.33% to 1125.49 p.

Furthermore, market capitalization reached EGP 484.433 billion, according to data compiled by Amwal Al Ghad English at 11:16 a.m. Cairo time (09:16 GMT).

Turnovers & Trading Volumes

The trading volume has recorded 59.448 million securities, with turnovers reached EGP 163.927 million, exchanged through 5856 transactions during Thursday opening.

Also during the opening session, 129 listed securities have been traded in; 24 fell, 68 advanced; while 37 keeping their previous levels.

Investors’ Activities

The non-Arab foreign investors remained net buyers acquiring 5.72% of the total market, with a net equity of EGP 1.876 million, excluding the deals.

On the contrary, Egyptian and Arab investors were net sellers seizing 85.57% and 8.71% respectively of the total markets, with a net equity of EGP 1.031 million and EGP 845.141 thousand respectively, excluding the deals.