CAIRO: Egyptian Exchange (EGX) indexes ended on a mixed note Wednesday, with the benchmark index EGX30 slipping 0.25 percent to hit 8,480 points, failing to keep yesterday’s record at 8,510 points.
In turn, small and mid-cap index EGX70 jumped 2.2 percent to close at 655 points, and the broader EGX100 index also rose 1.5 percent to 1,136 points.
Market capitalization gained 5.2 billion EGP after reaching 502.3 billion EGP, compared to 497.1 billion EGP yesterday.
Head of technical analysis and board member of Osool ESB for Securities’ Brokerage, Ihab el-Saeed, attributed EGX30’s decline to selective profit taking following the positive performance of some blue chips, especially this week’s real estate shares.
“The benchmark index EGX30 is expected to offset its loss Thursday to score a high record if Minister of Defense Abdel Fatah al-Sisi submits his resignation Wednesday to run for president,” Saeed told The Cairo Post.
The Supreme Council of Armed Forces (SCAF) reportedly held a meeting Wednesday to consider Sisi’s resignation.
Investors are expected to move towards profit-taking on Thursday if Sisi does not announce his final decision regarding the presidential elections, added Saeed, reiterating a positive long-term outlook for the stock market performance.
Egyptian traders’ net purchases reached 11.27 million EGP, while Arabs and foreigners’ net sell-offs registered 2.36 million EGP and 8.9 million EGP respectively.
On Tuesday, the market showed a great performance, with the benchmark index EGX30 jumping 1.14 percent, due to hit 8,501 points, penetrating the resistance level at 8,500 compared to 8,405 points on Monday.
The small and mid-cap index EGX70 edged up 0.85 percent to close at 641 points, and the broader EGX100 index also rose 0.92 percent to 1,119 points. Market capitalization gained 5.2 billion EGP.