Mid-session: EGX sheds 400M EGP amid sideways trading
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) showed a mixed performance during Monday’s early and mid-session trading amid sideways performance.

The EGX30 added 0.76 percent to hit 9,723 points, compared to 9,650 points Thursday. The small and mid-cap index EGX70 rose by 0.14 percent, registering 660.8 points, up from 659.9 points last session and the broader index EGX100 increased by 0.38 percent to reach 1,181 points.

Market capitalization shed around 400 million EGP ($55.9 million), amounting to 530 billion EGP, compared to 530.4 billion EGP in its last session.

El-Mokattam Securities Brokerage technical analyst Walid Helal attributed the mixed performance to investors’ confused and hesitant attitude due to the instability of the market.

“A limited number of stocks had rallied and achieved their target, while the rest of the shares maintained their level and failed to cope with the main index hike,” Helal told The Cairo Post.

The benchmark is targeting 10,000 points, with a resistance level at 9,500 points. “A breach below the 9,500 points will be loss stop limit,” said the analyst. Helal added he expects today’s session to end on the same fluctuation while the EGX30 will probably close in the green zone.

Mona Moustafa, technical analyst at the African Economic Group, had predicted in a statement to The Cairo Post that the EGX will extend its sideways movement with an upward tendency in anticipation of the emergence of purchasing powers that may push the indexes up towards next targets.

“Traders are advised to begin to build new positions especially tomorrow on small caps, while monitoring bank, telecom, basic resources, ginning and steel stocks,” Moustafa recommended.

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