EGX loses 4B EGP amid mixed performance
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) shut on a mixed note Thursday as the benchmark index EGX30 ended in the red hurt by selling pressures, namely on the heavyweight CIB.

Market capitalization lost roughly 4.2 billion EGP ($587.2 million), totaling 524.8 billion EGP, compared to 529 billion EGP yesterday.

The benchmark index EGX30 fell by 0.37 percent, registering 9,552 points, down from 9,587 points Wednesday. In turn, the small and mid-cap index EGX70 added 0.26 percent, reaching 651.6 points, compared to 649.9 in the last session, and the broader index EGX100 increased by 0.17 percent to register 1,182 points.

“The EGX30 breached below its stop-loss limit of 9,590 points. 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 investors to be selective in their purchases in the short term.

Recommend to friends

Leave a comment