CAIRO: The Egyptian Exchange (EGX) showed a mixed performance at open of Monday’s session as the benchmark index extended its down streak battered by selling pressures led by local and foreign traders while Arab investors mostly purchased.
The benchmark index EGX30 lost 0.27 percent, registering 9,205 points, down from 9,230 points Sunday. In turn, the small and mid-cap EGX70 added 0.1 percent, recording 631.9 points compared to 631 points in the last session, while the broader index EGX100 fell by 0.03 percent to register 1,130 points.
Market capitalization gained around 7.7 billion EGP ($1.07 billion,) totaling 545.6 billion EGP compared to 537.9 billion EGP Sunday.
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 is seen leading a slight decline, “but the EGX will probably plunge soon over traders’ panic,” he expected.
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.