EGX sheds 1B EGP at open amid mixed performance
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) showed a mixed performance Monday and the benchmark index EGX30 extended its loss hurt by selling pressures after the deadly explosion Sunday that targeted a police checkpoint near the Ministry of Foreign Affairs in Downtown Cairo.

The EGX30 fell by 0.06 percent, registering 9,713 points, down from 9,718 points Sunday. In turn, the small and mid-cap index EGX70 rose by 0.11 percent, amounting to 628.5 points, higher than the 627.9 points from last session. The broader index EGX100 also increased by 0.02 percent to reach 1,148 points.

Market capitalization shed around 1 billion EGP ($139.8 million), amounting to 524.2 billion EGP and compared with 525.2 billion EGP from its last session.

“The EGX 30 failed to hold above 9,750; this may drag it to 9,290 points, a confirmed breach below 9,600 points may drag it lower to 9,380 points,” Technical Analysis Desk head at Naeem Brokerage Ibrahim El-Nemr told The Cairo Post.

Investors are advised to be selective, with the stop-loss limit set at 9,380 points, Nemr added.

The EGX70 has rebounded from key support level of 600 points. “This rebound might lead it to rally towards 635 points; a breach above 635 may send it higher towards 655 points,” said Nemr, advising traders to sell the rally and wait for a buy signal.

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