EGX market watch: EGX30 down 0.1% on Egyptian sales
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: Egyptian Exchange (EGX) indices showed a mixed performance on Sunday, with the benchmark index EGX30 slightly down by 0.1 percent to 8,450 points, compared with 8,459 points on Thursday.

Also, the small- and mid-cap index EGX70 closed in the red zone, losing 0.1 percent to close at 632 points due to the price fall of the blue-chip CIB and Telecom Egypt shares, while the broader EGX100 index edged 0.19 percent up to 1,106.

Market capitalization gained 1 billion EGP after reaching 491.4 billion EGP, compared with 490.4 billion EGP on Thursday.

Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed attributed EGX30’s decline to the price fall of some of the leading shares, including CIB and Telecom Egypt.

“The benchmark index EGX30 will probably lose 40 points on Monday… But the index will offset its loss rapidly to move in sideways between 150 to 200 points,” Saeed told The Cairo Post.

Egyptian investors’ net sell-offs reached 38.59 million EGP, while Arab and foreign traders’ net purchases reached 32.47 million EGP and 6.11 million EGP respectively.

On Thursday, EGX indexes also ended on a mixed note, with the benchmark index EGX30 soaring 2.08 percent to 8,459 points, the highest level since September 2008. Market capitalization gained 1.2 billion EGP.

However, the small- and mid-cap index EGX70 closed in the red zone, at 633 points, 1.55 percent lower, due to intensive profit taking transactions. The broader EGX100 index also decreased by 0.89 percent down to 1,104 points.

“EGX30 continued its upsurge, crossing strong resistance levels, in light of reports that Field Marshal Abdel Fatah al-Sisi will shortly announce his bid for the presidential elections,” Mona Moustafa, technical analyst at African Economic Group, told the business website Mubasher Thursday.

She added that the upbeat investor sentiment stimulated liquidity, as CIB shares rose by 3.23 percent to 38 EGP, supported by foreign purchases.

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