CAIRO: The Egyptian Exchange (EGX) showed a mixed performance at the open of Tuesday’s session, as the benchmark index extended its losing streak over local institutions’ sell-offs.
The benchmark index EGX30 dropped 0.35 percent, registering 8,618 points, down from 8,649 points Monday. In turn, the small and mid-cap index EGX70 rose by 0.62 percent, reaching 586.5 points compared to 583 points in the last session, and the broader index EGX100 also increased 0.32 percent to register 1,062.8 points.
Market capitalization shed around 2.4 billion EGP ($335.54 million), totaling 488.6 billion EGP compared to 491 billion EGP Monday.
During Monday’s trading, 121 stocks dropped, 33 went up and 19 remained stagnant.
“The main index dipped for a third consecutive session due to heavy pressures on the blue chips headed by the heavyweight CIB, EFG Hermes, Talaat Moustafa, and real estate stocks Heliopolis and Madinet Nasr,” Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post Tuesday.
Abdel Rahman added that the market decline coincided with the closing of subscriptions for SODIC’s capital increase as institutions tended to save liquidity valued at 1 billion EGP.
The EGX30 finds support at 8,590 points, said the analyst, adding that “a breach below this level may drag the benchmark to 8,350 points.”