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CIB drives EGX30 higher 0.6% over a week

CIB drives EGX30 higher 0.6% over a week
The state company is capitalized at EGP 2.291 billion - Photo Credit: Mubasher

Cairo – Mubasher: The Egyptian Exchange (EGX) gave a positive performance during 4-8 September 2016 ahead of Eid al-Adha vacation that will last for three days (11-13 September).

The benchmark index EGX30 gained 51.76 points, 0.63%, to level up at 8,188.2 points, backed by its heaviest constituent, the Commercial International Bank (CIB).

The CIB stock quote rose 2.5% to EGP 49.5 from EGP 48.29 per share a week earlier.

As compared to the previous week (28 Aug. – 1 Sept.), the main index extended its volatile performance to the first week of September and also failed to hold above the resistance mark of 8,300 points due to a selling wave, said Sameh Gharib, head of technical research at Roots Securities Brokerage.

The EGX30 index is forecast to re-test the above resistance mark next week, while having support at the 7,900-8,000 area, the analyst indicated.   

Likewise, the small and mid-cap index EGX70 edged up 0.2% to 357.26 points and the broader index EGX100 increased 1.34% to 816.88 points.

Meanwhile, the equal-weighted index EGX50 ended the week lower 0.3% to 1370.32 points.

The total market value added EGP 8.2 billion to close at EGP 420.36 billion versus EGP 412.16 billion last week. This rise could be partially attributed to the debut of Misr Fertilisers Production Company (Mopco) on Cairo bourse with a free float rate amounting to 17% of the entity's shares.

The state company is capitalized at EGP 2.291 billion, divided into 229 million shares at EGP 10 each

Institutions were net sellers by EGP 2.3 million, which individuals tended to the buying side.

Egyptian, Arab and Foreign investors carried out transactions at 80.24%, 12.61%, and 7.16%, respectively.

Last week, the main gauge inched up 0.06%, or 4.95 points, to 8,136.44 points.