Egypt’s Main Index Crosses 7800 Pts at early Wednesday

Egypt’s bourse rallied at early trading on Wednesday with gains worth 2.8 billion pounds amid foreign buying appetite. Accordingly, the country’s main bourse gauge climbed early Wednesday to cross 7800 points, coinciding expectations to continues its rally towards 7900-8000 points, according to Beltone Financial’s latest report.

Beltone Financial said 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 1.03% to 7800.39 p; while EGX20 rose by 0.61% to 9187.54 p.

Additionally, the mid- and small-cap index, the EGX70 went up by 0.55% to 658.34 p.  Price index EGX100 hiked by 0.55% to 1120.92 p.

Furthermore, market capitalization reached EGP 480.339 billion, according to data compiled by Amwal Al Ghad English at 11:34 a.m. Cairo time (09:34 GMT).

Turnovers & Trading Volumes

The trading volume has recorded 57.679 million securities, with turnovers reached EGP 214.423 million, exchanged through 8306 transactions during Wednesday opening.

Also during the opening session, 143 listed securities have been traded in; 39 fell, 69 advanced; while 35 keeping their previous levels.

Investors’ Activities

The non-Arab foreign and Arab investors were net buyers on Wednesday seizing 2.93% and 1.89% respectively of the total markets, with a net equity of EGP 17.333 million and EGP 3.140 million respectively, excluding the deals.

On the contrary, Egyptian investors remained net sellers acquiring 95.18% of the total market, with a net equity of EGP 20.474 million, excluding the deals.