EGX market watch: EGX30 hits highest level since 2008
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange’s indexes showed mixed performance on Wednesday, with the benchmark index EGX30 up 1.1 percent to hit 8,286 points, its highest level in more than five and a half years boosted by real estate stocks, compared to 1,196 points on Tuesday.

In turn, the small and mid-cap index EGX70 fell by 1.6 percent to 643 points and the broader index EGX100 also dropped 0.89 percent, registering 1,114 points.

Market capitalization incurred around 4.2 billion EGP ($200 million) loss to reach 489.2 billion EGP, compared with 493.4 billion EGP on Tuesday.

“Selective profit taking transactions and investors’ concerns over Muslim Brotherhood protests on Wednesday curbed the indexes to maintain its early gains,” head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed told The Cairo Post Wednesday.

Net purchases by Egyptians reached 58 million EGP, while Arab sell-offs hit 46.5 million EGP and foreign sell-offs registered 5.1 million EGP.

Saeed attributed the great performance of EGX30, which soared to its highest level in more than five and a half years boosted by real estate stocks, to news reported about the cell phone operator Etisalat Misr, considering to be listed in the stock market.

Analyst Saeed expects EGX30 to continue edging up targeting 8,500 points.

On Tuesday, the Egyptian Exchange’s indexes saw a slight rise amid concerns about Muslim Brotherhood protests scheduled for 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.

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