Mid-session: EGX gains 200m EGP amid mixed performance
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) indexes showed a mixed note during Tuesday early and mid-session trading amid sideways performance that is deemed normal during Ramadan.

The benchmark index EGX30 rose 0.33 percent to hit 8,338 points, higher than 8,311 points Monday. In turn, the small and mid-cap index EGX70 dropped 0.07 percent to hit 604 points and the broader index EGX 100 also fell 0.01 percent to reach 1,058 points.

Market capitalization added around 200 million EGP ($27.9 million), registering 483.7 billion EGP up from 483.5 billion EGP Sunday. Total trade value amounted to 133.3 million EGP.

The indexes are trading sideways which managed to stay above its new support level at 8,000 points early this week limited to four sessions only and then rebounded towards 8,258 point on Thursday.

Ehab Saeed, head of technical analysis at Osool Securities Brokerage, attributed EGX30 slight rise to the upward sideways performance of the market bellwether CIB stock and the positive performance of real estate stocks, namely Sodic and Nasr City for Housing and Development.

Saeed cited the decline of EGX70 to profit taking following the index rally for six sessions in a row.

Meanwhile, the benchmark will trade sideways with an upward tendency in the level of 8,400 points to 8,450 points until the last week of Ramadan, where it will probably approach 8,800 points, Saeed told The Cairo Post.

He reiterated his positive outlook for EGX30 on the long-term.

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