CAIRO: Egypt s benchmark index gained for a fifth straight session, up 1.4 percent in decent volumes as Sewedy Cables was boosted by a breach of resistance levels.
More than half of the 30 firms listed on the index declined, including Orascom Telecom which ended 0.6 percent lower. The firm posted a 38 percent rise in second quarter profit after the close of trade on Tuesday.
Sewedy Cables ended up 1.3 percent at LE 79.51 after breaching a technical resistance level at LE 79 and trading as high as LE 82.99.
Fundamentally it (Sewedy stock) is worth about LE 105, says Naeem analyst Hisham Halaldeen. But if you are asking the reason for the sudden movement, it s because of the technical resistance levels.
The largest Arab cable maker s second quarter results released this month were seen as mixed by analysts.
Egypt Kuwait Holding was again traded heavily, adding 3 percent. The firm has gained 22 percent so far this month and 84 percent since the start of the year.
The firm said earlier this week it would establish a joint venture fertilizer and petrochemical company.
Investment bank EFG-Hermes came off recent highs to trade 1.8 percent lower by the close. -Reuters
