EGX rebounds after slight decline at open
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) started to rebound from a slight slide at open Tuesday as the benchmark index EGX30 rose by 0.3 percent, backed by positive performance of some blue chips.

The EGX30 hiked to 9,757 points, up from 9,728 points Monday. The small and mid-cap index EGX70 went up by 0.54 percent, amounting to 626.9 points, higher than 623 points from last session. The broader index EGX100 also increased by 0.37 percent to reach 1,147 points.

Market capitalization added around 100 million EGP ($13.9million), amounting to 524.8 billion EGP and compared with 524.7 billion EGP from its last session.

Market capitalization shed around 500 million EGP, amounting to 524.7 billion EGP and compared with 525.2 billion EGP from its last session.

“There is a balance of the moment between the selling and purchasing power as the total number of red stocks is close to the green ones. This means that the session could witness a neutral performance like the previous session,” Osama Naguib, the head of technical analysis at Arab Finance, told The Cairo Post.

Naguib attributed the rebound to positive performance of the heavyweight CIB stock, along with other leading stocks such as Talaat Moustafa and EFG-Hermes.

However, Naguib said he expects the selling power to increase by the session end, as most blue chips started to slip gradually in the last session.

“This will probably drag the benchmark index to close near 9,650 points in light of this weak performance and turnover.”

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