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Market report : Egypt stocks pushes through 7100 to 7 month high Egypt's main index broke through the 7,100-point resistance level, led by blue chips, including Orascom Construction Industries (OCI), which surged to its highest in over two years
EGX30 broke through the 7100-point resistance level to a 7-month high on Thursday, led by blue chips, including the biggest listed Orascom Construction Industries (OCI), which surged to its highest in over two years. The index closed 0.9 per cent higher at 7142 points, its uppermost point since May 6. "There was not much resistance after the break of 7,000," says Mohamed Radwan of Pharos Securities. "The next resistance level is 7250, based on our in-house research." OCI jumped 2.5 per cent to 287.80 Egyptian pounds, a level it has not reached since October 2008. "World fertiliser prices have increased sharply in the last week, and there have been announcements of new infrastructure projects in the region," Radwan says. OCI was one of four consortia preselected by Morocco to develop the first phase of a 500 megawatt solar energy project in the south of the country, the agency managing the project announced on Wednesday. Commercial International Bank gained 1.2 per cent to 47.35 pounds, a record closing high, while Talaat Moustafa (TMG) added 0.7 per cent to 8.60, its highest close since July 2008. "I wouldn't be surprised if it (TMG) reached 10 pounds in the near future. It is undervalued if you look at its net asset value," says Hashem Ghoneim of Pyramids Capital. El Sewedy Electric added 0.8 per cent after the company announced it plans five energy-related projects in Zambia worth a total $65 million.
