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Reading: EGX rally following CBE’s governor resignation
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Dailynewsegypt > Blog > Business > Stock Market > EGX rally following CBE’s governor resignation
BusinessStock Market

EGX rally following CBE’s governor resignation

Daily News Egypt
Last updated: 2022/08/19 at 3:59 PM
By Daily News Egypt 4 Min Read
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Egyptian Exchange (EGX) Rally as Central Bank of Egypt Governor Tarek Amer Resigns
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The Egyptian Exchange (EGX) reacted positively to the resignation of the Governor of the Central Bank of Egypt Tarek Amer. The market responded with a collective rise in the indices at the conclusion of Wednesday and Thursday trading sessions.

The Egyptian Exchange (EGX) market cap gains about EPG 9 billion, led by the share of the Commercial International Bank (CIB), which has the largest relative weight in the index, which witnessed an increase of about 3.2% to reach EPG 38 per share.

The blue-chip EGX30 index rose in the same session to record 2.18% to reach the level of 10058 points, and the rise came after a week of successive sessions in which the market recorded a decline, to rebound again after the resignation announcement.

EGX30 continued its upward journey at the close of trading on Thursday, as it recorded 0.36% growth, amid trading that exceeded EGP 1.28bn at the close of trading.

Mohamed Maher — President of the Egyptian Securities Association(ECMA) — said that the capital market is awaiting a clear policy from the banking sector regarding financing brokerage firms to finance marginal purchases, pointing out that there is a clear policy from some banks operating in the banking system.

He added that the hottest file that is also awaiting is the increase in the investments of the institutions affiliated with the banking system in the stock market, hoping that more investments will be pumped from the banks in the Egyptian Exchange.

Basem Abu Ghanima, Bassem Abou GhanimaHead of Technical Analysis Department at Arabeya Online, said that Amer’s resignation coincided with the ministerial and regulatory changes that led to the emergence of purchasing forces in a large way that helped the market test the resistance level of 9800 points.

This allowed the market to start the upward journey after the selling pressures it witnessed since the beginning of this week.

He expected EGX30 to test the resistance level of 10200 points then 10350 points, and in case the index breaches these levels, it will move to the level of 10500 points then 11100 points, while EGX70 will test the level of 2180 points and 2200 points during the upcoming sessions.

Abou Ghanima added that the momentum was on the leading stocks in the banking sector, such as the Commercial International Bank, which has the largest relative weight in the market, and the non-banking financial services sector, such as the Hermes Financial Group, which led to an increase in the index by 2.18%.

He explained that the shares of medium and small companies started profit-taking operations after the growth of the index in the last period, and they have an opportunity to move positively during the coming period.

Abou Ghanima advised investors to reap profits for those who bought shares during the past periods, while providing liquidity in portfolios, and waiting for positive penetrations, whether on EGX30 or EGX70.

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