Mid-session: EGX loses 2.5B EGP over profit taking
Egyptian stock exchange in Cairo - YOUM7 (Archive)

Cairo: The Egyptian Exchange (EGX) fell collectively during Thursday early and mid-session trading due to profit taking from blue chips that rallied yesterday.

The benchmark index EGX30 lost 0.89 percent to hit 8,419 points, down from 8, 495 points Wednesday.

The small and mid-cap index EGX70 dropped 0.34 percent to hit 608 points and the broader index EGX 100 also fell 0.35 percent to reach 1,068 points.

Market capitalization shed around 2.5 billion EGP ($349.62 million), registering 486.5 billion EGP up from 489 billion EGP yesterday. Total trade value amounted to 194.5 million EGP.

Ibrahim El-Nemr, head of the Technical Analysis Desk at Naeem Brokerage told The Cairo Post the benchmark reached near the resistance level of 8,500 points.

“A breach above 8,500 may send it higher towards 8,800 points,” Nemr said.

Meanwhile, Ehab Saeed, head of technical analysis at Osool Securities Brokerage said he expects the benchmark will resume its medium-term sideways performance, reiterating his positive outlook for EGX on the long-term.

On Wednesday’s trading session, the indexes ended in the green with minor profit taking by the end of the session. EGX30 rose 0.79 percent to hit 8,495 point and market capitalization added around 2.2 billion EGP.

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