EGX30 sees small declines amid selective profit taking
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange indexes witnessed a slight decline Monday, amid sideways trading and selective profit taking, namely by Egyptian and foreign investors.

The benchmark index EGX30 dropped slightly by 0.03 percent to hit 8,305 points, down from 8,308 points on Sunday. The small and mid-cap index EGX70 also edged down 0.34 percent to reach 610 points, and the broader EGX100 index lost 0.33 percent to register 1,066 points.

Market capitalization lost roughly 500 million EGP ($70 million,) reaching 482.8 billion EGP, compared to 483.3 billion EGP on Sunday.

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

However, some blue chips performed positively, especially telecom stocks like OTMT and Global Telecom, and real estate stocks like Amer Group, Saeed added in a phone interview.

“The EGX30 will offset its loss if CIB performs well,” noted Saeed, who said he expects the benchmark index to reach 8,400 points Tuesday.

Also on Monday, Egyptian and foreign net sell-offs registered 9.8 million EGP and 10.4 million EGP respectively, while Arab net purchases reached 20.3 million EGP.

On Sunday, EGX indexes added 5.3 billion EGP with market capitalization, getting a boost from positive blue chip performance.

The EGX30 rose 0.63 percent to hit 8,308 points, up from 8,256 points on Wednesday. Further, the 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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