CAIRO: The Egyptian Exchange (EGX) opened Tuesday with a small rise of approximately 1 percent.
The benchmark index EGX30 reached 9,555 points, up from 9,460 registered at Monday’s close.
The EGX70 continued this week’s trend of sideways movement, with a slight loss of .07% Tuesday morning.
Chief technical analyst at Helwan Securities Ahmed Abdel Rahman said he attributed market’s rise to “A strong buying spree among local traders, while Arab and foreign investors mostly sold,” adding that this group presented a “clear selling pressure.”
Shares of market heavyweight CIB dropped from 51.9EGP ($7.26) at open to 50.86 EGP ($7.10,) while shares of EFG-Hermes fell from 17.98EGP to 17.7EGP.
Abdel Rahman advised traders to save some liquidity for a new entry point and to take some profits, adding that he predicted the market to end on a negative note, hurt by the non-local sell-offs.