EGX sheds 900M EGP at open amid sideways trading
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) opened on a collective decline Wednesday hurt by minimal profit taking activities amid  sideways trading with a downward tendency.

The benchmark index EGX30 fell by 0.13 percent, registering 9,747 points, down from 9,760 points Tuesday. The small and mid-cap index EGX70 went down by 0.69 percent, amounting to 621 points, lower than 625.8 points from its last session. The broader index EGX100 also decreased by 0.28 percent to reach 1,143 points.

Market capitalization shed around 900 million EGP ($125.8 million,) amounting to 525.1 billion EGP compared with 526 billion EGP from its last session.

“Today’s session is similar to the previous one in its sideways performance, but with a downward direction,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post.

Helal said the benchmark index is still trading around the level of 9,750 points, adding that the stocks’ performance is still very weak, but for some blue chips topped by the heavyweight CIB, Talaat Moustafa and EFG-Hermes, in addition to real estate stocks.

“The market is expected to extend its sideways trading inside the current flat wave, in anticipation of any positive news such as proceeding with the parliamentary election to resume its uptrend,” Helal predicted.

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