Foreign purchases support EGX rally towards 11800 points

Foreign purchases support EGX rally towards 11800 points

The blue-chip EGX30 rose by 0.24% at the close of Tuesday session, recording 11,461 points, while the EGX70 EWI rose 0.08% to settle at 1,755 points. The EGX50 EWI declined by 0.26%, stabilising at the level of 2,014 points, whilst the EGX30 capped index declined by 0.10%, settling at the level of 13,393 points. The broader EGX100 fell by 0.04%, stabilising at the level of 2,656 points.Mohamed Abdel Hakim, Director of the Faisal Research Unit for Securities Trading, expects that the EGX30 will breach 12,000 points as a first target, after confirming its breach of the 11,200 barrier, indicating the emergence of purchasing forces in the market.He pointed out that the CIB share is in a position of significant market strength, and is expected to reach EGP 78 per share