CAIRO: Egyptian shares continued a week-long rally as the CASE30 index recorded a new year closing high for a third consecutive day on Thursday, despite cautious investor sentiment, according to analysts.
Market performance during the day was relatively volatile as it headed down early in the session before reversing the trend before the market s close.
Yasser Hassanein of Dynamic Securities said the CASE30 index s strong performance, drawing near its life high of 8,220, made some investors cautious as to whether they should continue buying or wait until the index broke past expected resistance near that level.
But near the end we found strong buying, especially on Medinet Nasr Housing and EFG-Hermes Holding , Hassanein added. The two shares were the day s most heavily traded shares by value.
Medinet Nasr also saw the day s fifth highest percentage increase in share price, rising 8.1 percent to end at LE 344.
Overall, the well-watched CASE30 index rose 0.4 percent to close at 8,167.79 points, ending the week 4.7 percent higher than last Thursday s closing level. The CIBC index rose 0.5 percent to close at 344.70 points.
The benchmark Hermes index rose 0.4 percent to close at 7,2679.47 points.
Orascom Construction Industries, one of the week s strongest performing shares, stayed in the green, rising 2.7 percent and closing at 409.50 pounds.
But EFG-Hermes was the most important player of the day. It was very active near the end of the session, Hassanein said.
Hassanein said EFG-Hermes s shares, which rose 3.5 percent to close at LE 48.70, were seen as undervalued, and expected the stock to lead the market next week, possibly crossing the LE 50 boundary.
But Mohamed Radwan of Delta Securities said it would all depend on the extent of support coming from global markets.
Otherwise we will see profit taking when the market reopens on Sunday, he said.
