CAIRO: The Egyptian Exchange (EGX) closed on a negative note after trimming morning and mid-session gains, rattled by an explosion that targeted a police checkpoint near the Ministry of Foreign Affairs in Downtown Cairo.
The EGX30 fell by 0.11 percent, registering 9,718 points and down from 9,729 points Thursday. The index failed to maintain its morning gains that pushed above its resistance level of 9,729 points, but analysts say it may still target 10,000 points in the short term.
The small and mid-cap index EGX70 fell 0.63 percent, amounting to 627.9 points, lower than the 631.8 points from last session. The broader index EGX100 also decreased by 0.37 percent to reach 1,148 points.
Market capitalization shed around 2 billion EGP ($279.37 million), amounting to 525.2 billion EGP and compared with 527.2 billion EGP from its last session.
“The main index managed to test its previous peak, which acts as minor resistance level at 9,750 points, but it failed to sustain due to the selling pressures which normally appear at the peaks,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
He continued: “The EGX30 may slip towards the support level of 9,500 points once again. So we should watch the market closely in the coming few sessions.”