CAIRO: The Egyptian Exchange indexes (EGX) showed a mixed performance during Monday’s mid-session amid ongoing sideways movement, while market capitalization gained 500 million EGP ($70.97 million) getting support from the positive performance of blue chips, Hermes and Pioneers.
The benchmark index EGX30 edged up by 0.11 percent to hit 8,235 points, up from 8,226 points Sunday. The small and mid-cap index EGX70 also increased by 0.23 percent to reach 607 points, while the broader EGX100 index dropped by 0.03 percent to register 1,055 points.
Market capitalization added roughly 500 million EGP, reaching 478.6 billion EGP compared to 478.1 billion EGP Sunday. Total turnover reached 358.6 million EGP.
Ehab el-Saeed, head of technical analysis at Osool ESB Securities, said investors’ anticipations of the upcoming presidential elections, which will take place from May 26-27, is a key reason behind the EGX sideways movement, as well as the current IPOs.
Saeed said he expects “the market to keep moving sideways with low turnover ahead of the elections.” The analyst, however, said he expects EGX30 to approach a resistance level at 8,400 points by the end of the week.
Hossam Helmy, technical analysis advisor at Pioneers Holding, told The Cairo Post that “EGX30 could rebound to penetrate a resistance level of 8,600 points, gaining momentum from the elections.”
Also on Monday, foreign net purchases reached 11.9 million EGP, while Egyptian and Arab net sell-offs registered 23.2 million EGP and 8.7 million EGP respectively.
On Monday, EGX ended on a mixed note amid sideways movement, and market capitalization added 400 million EGP ($56.77 million) powered by the positive performance of some leading shares, most notably OTMT and Amer Group.
Further, EGX30 edged up by 0.19 percent to end at 8,226 points, up from 8,211 points Thursday. EGX70 also increased by 0.04 percent to reach 606 points, while the broader EGX100 index dropped by 0.12 percent to register 1,055 points.