CAIRO: Late-session interest in heavyweights Orascom Telecom and Commercial International Bank (CIB) helped nudge Egypt s benchmark index higher after a day of seesaw trade.
Orascom Telecom gained 3.3 percent and CIB rose 1.1 percent. The EGX30 index ends 0.5 percent higher at 6,608 points after dipping to a six-week low in intraday trade.
The index is trading on a major and critical support level . and the market will rebound from this level onward, said Sally Refaat of Cairo Capital Securities. If the index breaks the 6,550 level, it will hit the 6,700 point one more time.
Refaat expects the index to breach above the psychologically important 7,000 mark by the end of March.
All 30 constituents of the EGX30 but one ended in the green. Index heavyweight Orascom Construction advanced 0.3 percent and Mobinil climbed 4.2 percent.
The market will continue to trade higher over the next three to four sessions, and if quarter results that are about to be released come within expectations, this optimism will continue, said Mohamed Kotb of Naeem Holding. -Reuters