EGX market watch: Market slightly up amid political concerns
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange’s indexes saw a slight rise Tuesday amid concerns about Muslim Brotherhood protests scheduled Wednesday.

The benchmark index EGX30 rose by 0.44 percent to hit 8,196 points, compared to 8,161 points Monday.

The small and mid-cap index EGX70 also edged up 0.53 percent, reaching 654 points while the broader index EGX100 rose by 0.45, registering 1,124 points.

Market capitalization gained around 1.6 billion EGP ($200 million) to reach 493.4 billion EGP, compared with 491.8 billion EGP on Monday.

“Investor concerns over Muslim Brotherhood protests on Wednesday also curbed the indexes to register a limited increase this week,” Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed told The Cairo Post Monday.  He credited the limited rise to selective purchases, especially of the CIB share.

The rise was attributed to foreign traders tending to purchase, while Egyptians and Arabs mostly sold. Net purchases by foreigners reached 70 million EGP, while Arab sell-offs hit 38.2 million EGP and Egyptian sell-offs registered 31.9 million EGP.

Saeed told The Cairo Post that he expects the market to continue its sideways movement until news about presidential candidates is confirmed and the country’s political outlook improves.

He also expected the EGX30 to edge up, and remain in the green zone, targeting 8,200 points.

On Monday, EGX indexes ended collectively higher, and the benchmark index EGX30 rose by 0.43 percent to hit 8,161 points, compared to 8,126 points on Sunday.

The small and mid-cap index EGX70 edged up 0.38 percent, scoring 650 points. Furthermore, the broader index EGX100 rose by 0.63 percent, and the EGX20 index rose slightly by 0.01 percent.

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