Mid-session report: EGX loses 1.3B EGP on selective profit taking
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange indexes slightly dropped during Sunday mid-session, and market capitalization lost 1.3 billion EGP ($ 185.8million), amid selective profit taking on blue chips topped by the bellwether CIB stock, OTMT and Global Telecom.

The benchmark index EGX30 fell 0.37 percent to hit 8,264 points, compared to 8,294 points on Wednesday, ending a corrective movement after penetrating a resistance level of 8,100 points for the fourth session in a row.

Further, the small and mid-cap index EGX70 fell 0.19 percent to 609 points, and the broader EGX100 index also lost 0.22 percent to reach 1,064 points.

Market capitalization lost roughly 1.3 billion EGP, reaching 481 billion EGP, compared to 482.3 billion EGP on Wednesday, the last session before Sinai Liberation Day celebrations.

“The market will probably move in sideways with a downward tendency during this week due to profit taking namely the EGX70 listed stock after recording 30 to 40 percent increase recently,” head of technical analysis at Osool ESB for Securities Brokerage Ehab el-Saeed told The Cairo Post Sunday.

“EGX will witness minor profit taking with the EGX30 penetrating 8,100 points and testing a new resistance level at 8,400 points,” technical analysis advisor at Pioneers Holding Hossam Helmy told The Cairo Post Wednesday.

Arabs’ net sell-offs registered 6.4 million EGP, while Egyptians and foreigners’ net purchases recorded 6.3 million EGP and 103,500 respectively on Sunday’s mid-session.

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