Mid-session: EGX gains 1.1B EGP amid sideways movement
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange indexes (EGX) collectively went up amid sideways movement during the Sunday mid-session and market capitalization gained 1.1 billion EGP ($156.14 million) powered by positive performance of some blue chips like Palm Hills and Hermes.

The benchmark index EGX30 edged up 0.47 percent to hit 8,249 points, up from 8,211 points Thursday. The small and mid-cap index EGX70 also added 0.35 percent to reach 607 points and the broader EGX100 index rose 0.38 percent to register 1,060 points.

Market capitalization added roughly 1.1 billion EGP, reaching 478.8 billion EGP compared to 477.7 billion EGP Thursday.

Hossam Helmy, technical analysis advisor at Pioneers Holding, attributed the EGX’s limited rise to sideways performance with no incentives and the significant immobility of market bellwether CIB.

Helmy also expects EGX30 to keep moving sideways ahead of the upcoming presidential elections, which will take place on May 26 and 27.

“EGX30, however, could rebound and penetrate a resistance level at 8,600 points, gaining momentum from the elections,” Helmy added in a phone interview with The Cairo Post.

Also on Sunday, Egyptian net purchases reached 8.6 million EGP, while Arab and foreign net sell-offs registered 8.1 million EGP and 517,376 EGP respectively.

On Thursday, EGX indexes ended the week trading in the red zone and market capitalization incurred more than 5.5 billion EGP ($781.8 million) in losses amid selling pressures on blue chips led by foreign investors.

EGX30 fell a significant 1.46 percent to hit 8,211 points, down from 8,333 points Wednesday. Further, EGX70 dropped 0.74 percent to reach 605 points and EGX100 also lost 0.86 percent to register 1,056 points.

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