CAIRO: The Egyptian Exchange (EGX) indexes showed a mixed note during Wednesday’s mid-session, with the benchmark index EGX30 falling 0.13 percent to hit 7,694 points, on profit taking following Tuesday’s gains.
In turn, the small and mid-cap index EGX70 went up 0.01 percent at 581 points, and the broader EGX100 index showed no change and stood at 1,018 points.
Market capitalization lost more than 1.5 billion EGP, reaching 459.3 billion EGP, compared to 460.89 billion EGP on Tuesday.
“The market is greatly expected to end the corrective movement that lasted for two weeks in a row if the benchmark index EGX30 manages to penetrate the new resistance level at 7,850 points,” head of technical analysis at Osool ESB for Securities Brokerage Ehab el-Saeed told The Cairo Post.
Saeed attributed EGX30’s decline to profit taking, with short-term investors carrying out rapid trades to offset their losses.
He reiterated his positive long-term outlook for the market, expecting EGX30 to rebound, penetrating 8,600 points after conducting the presidential elections, which are scheduled for May 26 and 27.
Arabs and foreigners’ net purchases registered 376.8 million EGP and 560.1 million EGP respectively, while Egyptians’ net sell-offs reached 936 million EGP Wednesday.
The EGX has declined sharply, losing a total 53 billion EGP, amid intensive selling pressures by national institutions, since Field Marshal Abdel Fatah al-Sisi announced his bid for presidency.
On Tuesday, the market significantly edged up and market capitalization gained more than 11.5 billion EGP, offsetting part of the sharp losses following Sisi’s announcement.