EGX loses 2B EGP at open over minimal profit taking
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) showed a limited decline at the open of Thursday’s trading session due to minimal profit taking following the market rally Wednesday.

The EGX30 fell by 0.2 percent, registering 8,794 points, up from 8,811.8 points Wednesday. The small and mid-cap index EGX70 also decreased by 0.16 percent, reaching 594.3 points compared to 595 points in the last session, and the broader index EGX100 lost 0.02 percent to register 1,077.6 points.

Market capitalization shed around 2.1 billion EGP ($293.6 million), totaling 493.8 billion EGP compared to 495.9 billion EGP Tuesday.

During early trading, 59 stocks dropped, 21 went up and 28 remained stagnant.

“The EGX30 inched higher from its support level of 8,470 points; it is heading north towards 8,800 points and a confirmed breach above 8,800 points may lead it to 9,050 points,” Ibrahim El-Nemr, Technical Analysis Desk head at Naeem Brokerage, told The Cairo Post Thursday morning.

However, a breach below 8,470 points may lead it to visit the support range of 8,000-8,100 points, Nemr said.

Nemr added that the EGX70 breached above its support level of 565 points, targeting 600-605 points.  “Breaking 605 points may push the index to 615 points, but a breach below this level may drag the EGX70 to the support range of 555 points,” he said.

Nemr advised traders to sell the rally.

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