EGX sheds 1.4B EGP amid mixed performance at open
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) showed a mixed performance at the open of Monday’s session, as the benchmark index extended its losing streak triggered by militant attacks in the Sinai Friday that killed 31 soldiers.

The benchmark index EGX30 fell by 0.31 percent, registering 8,748 points, down from 8,775 points Sunday. In turn, the small and mid-cap index EGX70 went up by 0.21 percent, reaching 588 points compared to 587 points in the last session, while the broader index EGX100 lost 0.15 percent to register 1,067.6 points.

Market capitalization shed around 1.4 billion EGP ($195.78 million), totaling 493.9 billion EGP compared to 495.3 billion EGP Sunday.

During early trading, 60 stocks dropped, 29 went up and 23 remained stagnant.

“The main index lost ground for a second consecutive session over domestic sell-offs following the terrorist attacks on the military border personnel in Sinai,” Capital Securities Brokerage technical analysis head Noha Raheel said Monday.

However, she predicted the EGX30 index would advance towards 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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