CAIRO: The Egyptian Exchange (EGX) ended on a mixed note Thursday as the benchmark EGX30 ended in the red hurt by selling pressures on financial sector stocks, especially on market bellwether CIB.
Market capitalization gained around 1.1 billion EGP ($153.79 million), amounting to 529 billion EGP compared with 527.9 billion EGP Wednesday.
The benchmark index EGX30 fell by 0.19 percent, registering 9,727 points, down from 9,745 points Wednesday. In turn, the small and mid-cap index EGX70 added 1.19 percent—reaching 647.7 points—and the broader index EGX100 also decreased by 0.93 percent to register 1,181 points.
Head of technical analysis at Capital Securities Brokerage Noha Raheel attributed the benchmark’s decline to extended selling pressures after approaching its resistance level of 9,820 points Tuesday.
“The financial sector stocks, led by the heavyweight CIB, are the main reason for the decline,” Raheel told The Cairo Post.
He cited thin liquidity and traders’ tendency to keep their cash ahead of the Eid al-Adha and armed forces holidays, when the EGX will be closed, as decline factors as well. The market will be closed Monday and Tuesday for the occasions and reopen Wednesday.