CAIRO: The Egyptian Exchange (EGX) opened Monday with upward sideways performance, gaining almost 20 points, after a loss of 50 points during Sunday’s trading.
At 10:30 a.m., the benchmark EGX30 index had reached 9392 points, up .21 percent from its Sunday close of 9,373.
The EGX70 also was in upward sideways movement, gaining .85 percent, with 634 up from its open at 628.
Walid Helal, a technical analyst at El-Mokattam Securities Brokerage, said that small and mid- caps will lead the market during the rest of the session, and he advised traders to be selective.
The EGX 30 reached the short-term target territory of 9,590 points last week; the Naeem brokerage warned profit-taking may lead to a decline towards the 9,150-point support level, although a confirmed breach above 9,600 points may send it higher towards 9,830 point.