CAIRO: The Egyptian Exchange (EGX) shut on a mixed note Sunday as the benchmark index ended in negative territory after dropping morning gains hurt by selling pressures namely from Arab traders.
The benchmark index EGX30 lost 0.32 percent, registering 9,230 points and down from 9,260 points Thursday. In turn, the small and mid-cap EGX70 ended 0.81 percent up, recording 631 points compared to 626 points in the last session. The broader index EGX100 also rose by 0.44 percent to register 1,130 points.
Market capitalization shed around 1.5 billion EGP ($209.5 million,) totaling 537.9 billion EGP compared to 539.4 billion EGP Thursday.
Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post that the benchmark lost momentum as blue chips traded with no power and traders decided to take some profit.
Abdel Rahman said that the market may ride a calm downward wave amid upbeat investor sentiment. “Meanwhile, the EGX will probably plunge soon over traders’ panic,” he said.
If the benchmark index breaches below 9,160 points, the market will witness a “sharp” dip, said Abdel Rahman, adding that a rebound should be a profit-taking opportunity as long as the EGX30 does not penetrate 9,820 points.
He advised traders to take some profits so they can save liquidity for new entry points.