Mid-session: EGX notes limited decline in sideways
Egyptian stock exchange in Cairo - YOUM7/Sami Waheeb

CAIRO: The Egyptian Exchange indexes witnessed a slight decline during Monday mid-session, amid expected sideways movements and selective profit taking, namely by Egyptian and foreign investors, while the good performance of some blue chips reduced the loss.

The benchmark index EGX30 slightly dropped 0.05 percent to hit 8,303 points, down from 8, 308 points on Sunday. The small and mid-cap index EGX70 also edged down 0.2 percent to reach 611 points, and the broader EGX100 index lost 0.22 percent to register 1,067 points.

Market capitalization lost roughly 400 million EGP, reaching 482.9 billion EGP, compared to 483.3 billion EGP on Sunday.

Ehab el-Saeed, head of technical analysis at Osool ESB Securities, attributed EGX’s limited decline to “sideways performance due to selective profit taking and significant immobility of market bellwether CIB. “

However, some blue chips have showed positive performance, mostly from telecom stocks like OTMT and Global Telecom, and real estates’ Amer Group, Saeed added in a phone interview.

“EGX30 will partially offset its loss by the end of the session, if CIB performs well,” noted Saeed who said he expects the benchmark index would test 8,400 points on Tuesday.

Also on Monday, Egyptian and foreigners’ net sell-offs registered 6.3 million EGP and 5.2 million EGP respectively, while Arabs’ net purchases reached 11.5 million EGP.

On Sunday, EGX indexes ended up, with market capitalization adding 5.3 billion EGP (U.S. $756.3 million), getting a boost from positive blue chip performance.

EGX30 rose 0.63 percent to hit 8,308 points, up from 8,256 points on Wednesday. Further, EGX70 edged up 0.46 percent to reach 612 points, and the broader EGX100 index also went up 0.5 percent, ending at 1,069 points.

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