CAIRO: The Egyptian Exchange (EGX) ended on a mixed note Tuesday, and the benchmark index EGX 30 recorded a new 6-year high boosted by real estates’ and financial services’ stocks.
The EGX30 rose 0.4 percent to hit 9,274 points, compared to 9,237 points Monday. In turn, the small and mid-cap index EGX70 fell 0.07 percent, registering 633.9 points and the broader index EGX100 also declined 0.08 percent to reach 1,131 points.
Market capitalization gained around 200 million EGP ($27.9 million), registering 512.5 billion EGP and up from 512.3 billion EGP last session.
“We expect a calm session Wednesday after the benchmark index closed near to its short-term resistance area between (9,280 and 9,340) points,” portfolio and asset manager at Cairo Funds Management Amr El-Feky told The Cairo Post.
Feky advised traders to sell portions of their short-term trading portfolios at these critical levels to take some profits.
“Meanwhile, medium and long term investors were advised to hold on their positions targeting 10,500 points as a medium resistance level which we can achieve before the end of 2014,” he added.
EGX rebounded Monday and market capitalization gained around 3.7 billion EGP as the benchmark index hit a new 6-year high amid positive performance from blue chips and strong purchases from Arab and foreign traders.