The Egyptian stock exchange achieved a remarkable turnover in Thursday's session at LE1,058 million backed by institutions’ strong buying appetite that recorded a net flow of LE204.69 million, out of which LE148.55 million belong to foreign institutions’ buying activities.
The EGX30 Index rose 1.86 percent recording 9,115.63 points. While, the EGX30 was up 3.6 percent this week, the market capitalization gained LE8.3 billion (US$1.2 billion) to close at LE504.2 billion compared to LE495.9 billion last Thursday.
"The EGX30 rose sharply breaking the resistance level 8,750 as we expected turning it into support," said Blom Egypt Securities.
"As we said, the rally represents a good buying opportunity, our coming resistance level now is at 8,980, breaking it will lead the rally to continue to 9,150," Blom added.
The real estate sector topped the market in terms of turnover, recording LE382.68 million, representing 36.16 percent of total market’s activities, according to Sigma Securities Brokerage.
Blom noticed that the volumes rose significantly but should continue while breaking out to the resistance level to confirm the consistency of the move.
