EGX closes on slight dip, benchmark could target 9,000 points
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) ended on a slight decline Thursday, hurt by minimal profit taking following the market rally yesterday.

The EGX30 fell by 0.17 percent, registering 8,797 points, down from 8,811.8 points Wednesday. The small and mid-cap index EGX70 also decreased by 0.48 percent, reaching 592.4 points compared to 595 points in the last session, and the broader index EGX100 lost 0.05 percent to register 1,077 points.

Market capitalization added around 125 million EGP ($17.48 million), totaling 496.04 billion EGP compared to 495.9 billion EGP Wednesday.

During early trading, 98 stocks dropped, 52 went up and 24 remained stagnant.

“The benchmark traded sideways with a downward tendency during this session as investors tended to take profits after breaking 8,800 points yesterday with strong purchasing power,” Capital Securities Brokerage technical analysis head Noha Raheel said Thursday.

Raheel told The Cairo Post that the index is expected to advance toward 9,000 points as a target in the short term. “Traders are advised to take profit, respect the stop loss and watch the market for an entry point,” she said.

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