EGX gains 224M EGP amid weak performance
Egyptian stock exchange - YOUM7 (Archive)
By YASMINE SAMRA

CAIRO: The Egyptian Exchange (EGX) indexes ended on a mixed note Sunday, reducing morning losses amid weak performance and low liquidity.

The benchmark index EGX30 dropped 0.3 percent to end at 8,315 points, lower than Thursday’s close at 8,340 points. In turn, the small and mid-cap index EGX70 rose 0.14 percent to hit 590 points and the broader index EGX100 added 0.03 percent to reach 1,037 points.

Market capitalization added around 224 million EGP, registering 480.94 billion EGP ($67.2 billion), compared to 480.7 billion EGP Thursday. Turnover amounted to 798 million EGP. Institutions were mostly selling, while individuals tended to purchase.

“Completing corporations’ financial results for Fiscal Year 2013-2014, which coincided with the escalated violent insurgency in Iraq while Ramadan approaches, triggered intensive sell-offs,” Walid Helal, a technical analyst at El-Mokattam Securities Brokerage and a member of the Egyptian Society of Technical Analysts (ESTA) told The Cairo Post.

“The benchmark is expected to be heading down toward 8,100-8,150 points after breaching its stop-loss level of 8,500 points,” Technical Analysis Desk head at Naeem Brokerage Ibrahim El-Nemr told The Cairo Post.

He said that a breach below 8,100 may drag it lower toward 7,720 points.

Last week, EGX indexes lost ground and market capitalization shed more than 15 billion EGP following the swearing-in of the new Cabinet. The EGX30 plunged 4.64 percent to end the week at 8,340 points, down from 8,746 points last week.

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