The Egyptian Exchange. (Ahram Gate)
The benchmark index, EGX30, increased by 1.7 percent in a week, closing at 17,043 points, while EGX50 grew by 1.8 percent to stand at 3,091 points. EGX100 leapt by 3.7 percent to end at 4,665.57 points.
"Over the week, EGX's indices saw varied performance, after a positive start on Sunday, resulting from the Central Bank of Egypt's decision to keep interest rates unchanged", Mohamed Atta, Trader manager at Universal Brokerage, told Ahram Online.
"Leading stocks caused EGX30 to rise to 17000 points before it declined to 16600 points owing to the pressure exerted by profit collection on Tuesday," Atta added.
SMEs stocks take a leap
The small and medium enterprises index, EGX70, increased by 4.7 percent to attain 3,101 points.
"Traders directed more liquidity gained from EGX30 stocks to small- and medium-sized companies, causing the EGX70 to achieve a record level above 3100 points," Atta explained.
"Such behaviour is normal, as SMEs have low-priced stocks despite their strong assets and financial results," he commented.
The market capitalization gained EGP 13 billion this week to reach EGP 1.1 trillion.
On Thursday, trading volume reached 656.5 million shares, a 62.9 percent increase since the end of last week. The turnover reached EGP 1.6 billion, generated through 71,476 transactions.
Atta expected the daily turnover to approach EGP 2 billion in the coming period.
"Given the positive trajectory that followed the correction move mid-week, the market will see positive performance next week, and EGX could exceed the 17100 ceiling by targeting a new resistance at 17500," Atta expected.
"The banking, petrochemicals, and non-banking financial sectors will continue to see active trading driven by their solid financials in the first quarter," the expert maintained.