CAIRO: The Egyptian Exchange (EGX) ended on a mixed note amid sideways trading Wednesday. Market capitalization gained around 1.4 billion EGP ($195.73 million) boosted by local and foreign institution purchases.
The benchmark index EGX30 rebounded from its morning losses and closed up by 0.43 percent, hitting 9,575 points compared to 9,534 points Tuesday. In turn, the small and mid-cap index EGX70 lost 0.5 percent, amounting to 625 points, down from 628 points last session and the broader index EGX100 decreased by 0.12 percent to reach 1,136.9 points.
Market capitalization fell to 521.9 billion EGP, compared to 520.5 billion EGP in its last session.
“The benchmark rebounded in the same sideways range backed by the big caps after the closing of Suez Canal certificate subscriptions,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
Mona Moustafa, a technical analyst at the African Economic Group, told The Cairo Post that the benchmark index is trading between the resistance level of 9,500 points and a support level between 9,380-9,445 points. Meanwhile, the EGX70 is facing resistance at 632 points and found support at 624 points and 618 points, she added.
“Long and medium-term traders are advised to distribute some positions while short-term investors should conduct some trades and take advantage of the price decreases of certain strong stocks,” she said.