Mid-session report: EGX30 loses 0.68% on profit taking
Egyptian Exchange - AFP/Marco Longari
By YASMINE SAMRA

CAIRO: Egyptian Exchange (EGX) indices showed a mixed performance on Monday’s mid-session, with the benchmark index EGX30 slipping 0.68 percent to 8,393 points, compared with 8,450 points on Sunday.

In turn, the small- and mid-cap index EGX70 rose 0.08 percent to 633 points, while the broader EGX100 index slightly dropped 0.01 percent to register 1,106.

Market capitalization incurred 360 million EGP ($51.7 million) losses after reaching 491.04 billion EGP, compared with 491.4 billion EGP on Sunday.

Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed attributed the decline of EGX30 to profit taking following last week surge.

“However, the benchmark index EGX30 is greatly expected to offset its loss rapidly and move in sideways between 150 to 200 points,” Saeed told The Cairo Post Monday, reiterating a positive long-term outlook for the  stock market performance.

Egyptian investors’ net purchase reached 5.3 million EGP, while Arab and foreign traders’ net sell-offs reached 1.66 million EGP and 3.63 million EGP respectively.

On Sunday, EGX indexes also ended on a mixed note, 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.

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