Ahmed Hanafi, Head of Technical Analysis at The Roots Stock Brokerage House, said that EGX30 maintained its rally yesterday, despite cash-ins on several stocks. He added that yesterday’s uptrend was fuelled by an increase in daily trading volume.
Hanafi added that the benchmark will maintain its rally in the short-term, and move sideways in the medium-term. He expected EGX30 to show mixed performance today.
EGX70 breached several levels yesterday, targeting the previous peak of 533 points which was hit in March, the analyst noted. He added that the gauge will rally in the short run, but decline in the medium-term.
EGX indices collectively ended Sunday’s session in the green. EGX30 inched up 0.51%, or 26.82 points, to 5242.47 pts.
Turnover neared EGP 482 million, after 174.22 million shares changed hands through 30.08 thousand transactions. Market capitalization totaled EGP 363.547 billion.