EGX gains 900M EGP Sunday, may target 8,800 points after Eid al-Fitr
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) indexes ended on a mixed note Sunday amid sideways performance that coincided with low liquidity ahead of the Eid al-Fitr holiday.

The benchmark index EGX30 fell 0.04 percent to hit 8,735 points, compared to 8,744 points Thursday. The index failed to maintain morning gains due to selling pressures from retail traders.

In turn, the small and mid-cap index EGX70 rose 0.46 percent to reach 622 points, and the broader index EGX100 also went up 0.37 percent to reach 1,099 points.

Market capitalization gained around 900 million EGP ($125.8 million), registering 497.4 billion EGP and up from 496.5 billion EGP Thursday. Trade value totaled 301.7 million EGP, lower than the 628.2 million EGP traded during the last session.

“The EGX showed sideways performance during this session, confirming our analysis that it is trading sideways with an upward accumulative tendency in preparation for penetrating its peak at 8,800 points after the Eid holiday before targeting 9,200 points,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post Sunday.

The analyst advised investors to accumulate the speculative stocks of the EGX70 rather than blue chips, as they are expected to grow the most in the upcoming rise.

The EGX announced Thursday that it will officially be closed from July 28-30 on the occasion of the Eid al-Fitr holiday. Trading is scheduled to resume Thursday, July 31.

EGX indexes rose collectively last week and market capitalization gained around 2.2 billion EGP amid upbeat investor sentiment following remarks by President Abdel Fatah al-Sisi about some upcoming “pleasant surprises” in the coming few days.

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