EGX sheds 4B EGP at open amid collective slide
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) opened on a collective decline Thursday hurt by pressures, namely on the heavyweight CIB.

Market capitalization lost roughly 4.1 billion EGP ($573.2 million,) totaling 529 billion EGP, compared to 524.9 billion EGP yesterday.

The benchmark index EGX30 fell by 0.61 percent, registering 9,529 points, down from 9,587 points Wednesday. The small and mid-cap index EGX70 lost 0.06 percent, reaching 649 points, compared to 649.9 in the last session, and the broader index EGX100 also decreased by 0.16 percent to register 1,178.9 points.

“The EGX 30 breached below its stop-loss limit of 9,590. For this reason, and according to the double top reversal pattern, we expect it to be heading south toward 9,380 points,” Ibrahim El-Nemr, Technical Analysis Desk head at Naeem Brokerage told The Cairo Post.

Nemr advised traders to be selective, and the stop-loss limit was set at 9,590 points.

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