CAIRO: The Egyptian Exchange (EGX) extended its mixed performance during Monday’s early and mid-session trading amid sideways trading as selling pressures continued to dominate the market for three consecutive sessions.
The benchmark index EGX30 fell by 0.14 percent to hit 9,410 points compared to 9,427 points Sunday. In turn, the small and mid-cap index EGX70 added 0.53 percent, amounting to 621 points, up from 618 points last session, and the broader index EGX100 also increased by 0.22 percent to reach 1,122 points.
Market capitalization added around 34 million EGP ($4.7 million), totaling 516.8 billion EGP, compared to 516.46 billion EGP in its last session.
“Most stocks opened this session on a slight decline, leading the benchmark index to lose around 35 points, but then the purchasing powers emerged and the index reduced its loss relatively,” technical analysis head at Arab Finance Osama Naguib told The Cairo Post.
A state of balance between the bulls and the bears started to prevail, compared with the 40 stocks inside the red zone, to those 50 shares in the green, Naguib said. “This is a sign of positive performance where the market is expected to stop its slip.”
“It is expected that the EGX will keep this same performance during the rest of the session with a minimal fluctuation and its first support at 9,380 points and between 9,450-9,480 points amid low liquidity ranging between 600 million EGP and 700 million EGP at the session end,” the analyst predicted.