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The EGX to touch the historic peak of 12000

Sunday 04 December 2016 08:45 AM

EGX Building
EGX Building

by Ahmed Aly,
The Egyotian Stock Exchange will manifest an exceptional and unique performance this week, with EGX30 touching its mid-2008 historic peak, according to analysts.
EGX30 rose last week by 1.72% to close at 11548 point, whereas EGX100 hiked by 2.44% to 1088 point.
Analysts predicted shares of the Commercial International Bank to move higher this week after 71.9% of CIB shares were sold to a group of investors in a EGP683.4m deal announced last Thursday.
Trading on all shares recorded EGP 7.4bn, as enlisted stocks hovered around 2% to EGP571.5bn last week, as compared to EGP559.785bn the week before.
" The Egyptian Stock Exchange is going to approach 12000 points this week, its hightest historic peak," said Mohamed El Aasr, senior technical analyst at the National Bank of Kuwait in Mena.
The market is finalizing its winning streak that began after the decision to float the Egyptian pound was taken early November, he added, predicting CIB stocks to rise by 1% to EGP73, and Hermes stocks to EGP22.