EGX sheds 3.3B EGP amid mixed performance
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) ended on a mixed note Wednesday as the benchmark EGX30 shut in the red zone, hammered by selling pressures, namely on the market bellwether CIB.

The local stock mark had been officially shut from Sunday until Tuesday in observance of Eid al-Adha and the Armed Forces holidays.

Market capitalization lost roughly 3.3 billion EGP ($461.37 million), totaling 529 billion EGP.

The benchmark index EGX30 fell by 1.43 percent, registering 9,587 points, down from 9,727 points Thursday. In turn, the small and mid-cap index EGX70 added 0.35 percent, reaching 649.9 points, compared to 647.7 in the last session, while the broader index EGX100 decreased by 0.02 percent to register 1,180 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 last week.

Raheel also predicted the benchmark’s slide toward 9,600 points during the rest of today’s session.

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