Mid-session report: EGX loses 1.7B EGP amid mixed performance
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange indexes showed a mixed noted during Wednesday’s mid-session, and market capitalization lost 1.7 billion EGP (U.S. $243.2 million), amid minor profit taking by Egyptian and Arab traders.

The benchmark index EGX30 edged up 0.33 percent to hit 8,296 points, compared to 8,269 points on Tuesday, ending a corrective movement after penetrating a resistance level of 8,100 points for the third session in a row.

In turn, the small and mid-cap index EGX70 fell 0.5 percent to 611 points, and the broader EGX100 index also lost 0.49 percent to reach 1,069 points.

Market capitalization lost roughly 1.7 billion EGP, reaching billion 482.8 EGP, compared to 484.5 billion EGP on Tuesday, the first session after weekend and Easter holidays.

Head of technical analysis at Osool ESB for Securities Brokerage Ehab el-Saeed told The Cairo Post that indexes will move in sideways on Wednesday, with minor profit taking transactions.

“EGX30 will test a new resistance level at 8,400 points next week after resuming trade on Sunday,” Saeed said Tuesday. The EGX decided to suspend trading on Thursday, marking Sinai Liberation Day.

Egyptians and Arabs net sell-offs registered 17.6 million EGP and 2.8 million EGP respectively Wednesday, while foreigners’ net purchases reached 20.4 million EGP.

On Tuesday, the indexes collectively rose and market capitalization gained roughly 6.9 billion EGP (U.S. $987.1 million), boosted by telecom sector stock topped by Global Telecom.

The benchmark index EGX30 jumped 2.04 percent to hit 8,269 points, compared to 8,103 points on Thursday. Further, the small and mid-cap index EGX70 went up 1.3 percent to 614 points, and the broader EGX100 index also gained 1.1 percent to reach 1,074 points.

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