EGX ends in green after trimming morning gains
The Egyptian stock exchange - AFP/Khaled Desouki
By YASMINE SAMRA

CAIRO: The Egyptian Exchange (EGX) ended in the green amid upward sideways trading supported by local and foreign purchases.

The market was also backed by the announcement of Suez Canal certificate sales details by Central Bank of Egypt (CBE) Governor Hisham Ramez in a press conference.

The benchmark index EGX 30 reduced its morning gains to close with a slight rise of 0.12 percent at 9,446 points, compared to 9,435 points Thursday. The small and mid-cap index EGX70 increased 0.26 percent, registering 660 points, up from 658.7 points last session and the broader index EGX100 also edged up by 0.11 percent to reach 1,170 points.

Despite the slight rise, market capitalization shed around 400 million EGP ($55.9 million), reaching 523.8 billion EGP, and down from 524.2 billion EGP last session.

“The benchmark index tried and failed to penetrate the 9,500 bottleneck for the fourth consecutive time, raising the possibility of minimal slides Monday to gain more momentum before the upcoming breach, which requires higher liquidity,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post.

Despite the sideways trading, some food stocks extended last week’s rally during Sunday’s session, Helal told The Cairo Post. He added that the telecom sector stocks also showed a positive performance while swapping liquidity from the inflated real estate sector.

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