EGX ends on a mixed note, benchmark below support
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) ended on a mixed note Sunday as market capitalization shed around 22 million EGP ($3.07 million) hurt by selling pressures, namely from local retailers and Arab institutions.

After reducing morning gains, the benchmark index EGX30 ended on a negative note, decreasing by 0.51 percent to hit 9,427 points, compared to 9,475 points Thursday.

In turn, the small and mid-cap index EGX70 added 1.07 percent, amounting to 618 points, up from 611 points last session, and the broader index EGX100 also increased by 0.14 percent to reach 1,120 points. Market capitalization slipped to 516.46 billion EGP, compared to 516.48 billion EGP in its last session.

Amr el-Feky, portfolio and asset manager at Cairo Funds Management had predicted in the mid-session that the EGX30 would resume its downward sideways trading while some purchasing opportunities are expected to emerge near the support level of each share.

“Meanwhile, if the benchmark breached below its main resistance level at 9,500 points, this may drag it to the support level of 9,280-9,340 points. This means the price level of the stocks will slip sharply and here the bulls will appear again,” Feky told The Cairo Post.

The EGX ended last week on a plunge and market capitalization lost around 4.6 billion EGP ($643.1 million) hurt by selling pressures led by local institutions.

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