EGX gains 3B EGP last week amid mixed performance
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) indexes showed a mixed performance during last week, which witnessed the official announcement of Dar Al-Handasah as the winning consortium that will plan the development of the Suez Canal Axis project.

The benchmark index EGX30 lost 0.14 percent to close the week at 9,373 points, down from 9,386 points during the week before.

In turn, the small and mid-cap index EGX70 rose 1.46 percent to end the week at 652 points, compared with 642.9 points. The broader index EGX100 also gained 1.39 percent to close the week at 1,165 points, compared to 1,149 points a week earlier.

Market capitalization gained around 2.9 billion EGP ($405.5million), amounting to 519.7 billion EGP.

“EGX30 failed to maintain its upward movement toward 10,000 points last week, as it failed to penetrate a resistance level at (9,400-9,500) points despite approaching the highest level since July, 2008,” Osool Securities Brokerage head of technical analysis Ehab Saeed told The Cairo Post.

Saeed attributed the benchmark’s decline to investors’ tendency to take profits, namely from blue chips topped by the heavyweight CIB stock which closed at 46.44 EGP, after approaching its all-time high at 47.65 EGP.

“EGX70, however, showed a bullish performance, reaching its previous target near 666 points to hit the highest level since January 2011, boosted by the positive performance of most blue chips, notably the real estate stocks,” Saeed added.

The analyst said EGX30 will focus on its resistance at (9,400-9,500) points this week, adding that the index may resume its upward movement toward 10,000 points upon crossing this barrier.

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