EGX market watch: EGX30 declines 0.59% on selective profit taking
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: Egyptian Exchange (EGX) indexes showed a mixed performance on Monday, with the benchmark index EGX30 dropping 0.54 percent due to profit taking to close at 8,405 points, compared with 8,450 points on Sunday.

In turn, the small- and mid-cap index EGX70 edged up 0.49 percent to close at 636 points and the broader EGX100 index rose 0.25 percent to 1,109 points.

Market capitalization gained 500 million EGP after reaching 491.9 billion EGP, compared to 491.4 billion EGP on Sunday.

Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed attributed EGX30’s decline to selective profit taking, with investors tending to sell real estate and telecommunication stocks, especially Telecom Egypt’s share.

“The benchmark index EGX30 will probably lose 30 to 40 points on Tuesday, but the index will tend down in sideways between 150 to 200 points,” Saeed told The Cairo Post. However, he reiterated a positive long-term outlook for the stock market performance.

Foreign investors’ net sell-offs reached 20.4 million EGP, while Egyptian and Arab traders’ net purchases reached 16.16 million EGP and 4.2 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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