CAIRO: The Egyptian Exchange (EGX) opened on a mixed note Sunday, as the benchmark index progressed toward its short-term target amid sideways trading while the other indexes headed south hurt by minimal profit taking.
The EGX30 rose by 0.36 percent, registering 8829.19 points, up from 8,797 points Thursday. In turn, the small and mid-cap index EGX70 fell by 0.32 percent, reaching 590.5 points compared to 592.4 points in the last session, and the broader index EGX100 also lost 0.17 percent to register 1,075 points.
Market capitalization added 1.7 billion EGP ($237.74 million), totaling 497.7 billion EGP compared to 496 billion EGP Thursday.
During early trading, 56 stocks dropped, 42 went up and 22 remained stagnant.
“The market showed a positive performance last week as the benchmark index breached above 8,800 points with buyer power, but the last session of the week closed below 8,800 points,” Capital Securities Brokerage technical analysis head Noha Raheel said Sunday.
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.