CAIRO: The Egyptian Exchange (EGX) ended on a mixed note Wednesday as the benchmark index EGX30 hit a six-year high while selling pressures weighed on the small and medium stocks.
The EGX30 rose by 0.04 percent to hit 9,627 points, compared to 9,623 points Tuesday. In turn, the small and mid-cap index EGX70 fell by 0.93 percent, registering 663.6 points, down from 669.8 points last session and the broader index EGX100 lost 0.65 percent to reach 1,181 points.
Market capitalization shed around 700 million EGP ($97.9 million,) reaching 528.1 billion EGP, compared to 528.8 billion EGP in its last session.
“The benchmark index resumed its rally Wednesday after penetrating its key resistance level at 9,500 in the previous session. The rise was a good opportunity for traders to hold their breath and gain some profits,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post.
Helal said he expects Thursday’s session to witness minimal slides which will be a chance for traders to re-arrange their portfolios and new investors to enter the market.
Chief technical analyst at Helwan Securities Ahmed Abdel Rahman told The Cairo Post he predicted selling pressures would dominate the rest of today’s session.
“Traders are advised to protect their profits below 9,500 points taking into account the liquidity that will be injected from the stock market into the Suez Canal investment certificates,” the analyst said.