EGX gains 400M EGP amid sideways performance
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange indexes (EGX) ended on a mixed note Sunday amid sideways movement and market capitalization, gaining 400 million EGP ($56.77 million) powered by the positive performance of some blue chips, including OTMT and Amer Group.

The benchmark index EGX30 edged up 0.19 percent to hit 8,226 points, up from 8,211 points Thursday. The small and mid-cap index EGX70 also added 0.04 percent to reach 606 points, while the broader EGX100 index dropped 0.12 percent to register 1,055 points.

Market capitalization added roughly 400 million EGP, reaching 478.1 billion EGP compared to 477.7 billion EGP Thursday. Total turnover reached 1.5 billion EGP, up from a total of 843.1 million EGP on 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 the EGX30 to keep moving sideways ahead of upcoming presidential elections, which will take place from May 26-27.

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

Also on Sunday, foreign net purchases reached 8 million EGP, while Egyptian and Arab net sell-offs registered 2.7 million EGP and 5.3 million EGP respectively.

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.

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

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