CAIRO: The Egyptian Exchange (EGX) shut on a mixed note 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 0.67 percent, registering 9,745 points, down from 9,811 points Tuesday. In Turn, the small and mid-cap index EGX70 went up by 0.44 percent, reaching 640 points, higher than its 637 points from its last session and the broader index EGX100 increased by 0.19 percent to register 1,170 points.
Market capitalization gained around 1.7 billion EGP ($237.67million), amounting to 527.9 billion EGP compared with 526.2 billion EGP Tuesday.
Amr el-Feky, portfolio and asset manager at Cairo Funds Management attributed the benchmark’s decline to selling pressures after the index approached its resistance level of 9,820 points yesterday.
“The heavyweight CIB, followed by SODIC and EFG-Hermes were the main reason for the decline,” Feky told The Cairo Post.
He predicted a “calm” session tomorrow, the last week before EGX shuts to celebrate Eid al-Adha and the Armed Forces holidays that will be effective next Sunday October 5 until Tuesday October 7, and trading will be resumed on Wednesday October 8.
Local traders tended to purchase during today’s session, while Arabs and foreigners mostly sold.