EGX sheds 700M EGP amid mixed performance at open
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) showed a mixed performance at open Wednesday as the benchmark index EGX30 lost ground due to selling pressures, failing to sustain above the 9,800-point barrier.

The EGX30 fell by 0.56 percent, registering 9,756 points, down from 9,811 points Monday. In Turn, the small and mid-cap index EGX70 went up by 0.18 percent, reaching 638 points, higher than its 637 points from its last session while the broader index EGX100 decreased by 0.01 percent to register 1,167.8 points.

Market capitalization shed around 700 million EGP ($97.86 million), amounting to 258.5 billion EGP compared with 526.2 billion EGP Sunday.

“The benchmark declined due to profit taking after approaching its resistance at 9,820 points,” head of technical analysis at Capital Securities Brokerage Noha Raheel told The Cairo Post.

Raheel added: “As we are approach Eid al-Adha holiday next week, most short-term traders tend to take profits and keep their cash liquidity. This is obvious in the very low trade volume.”

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