EGX up amid sideways trading at open
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) opened on a collective rise Wednesday powered by positive performance of blue chips along with local and Arab purchases.

The benchmark index EGX30 rose by 0.21 percent, registering 9,197 points, up from 9,177 points Tuesday. The small and mid-cap EGX70 hiked 0.87 percent, recording 642 points compared to 636.9 points in the last session , and the broader index EGX100 also increased by 0.56 percent to register 1,142 points.

Market capitalization added around 1.4 million EGP ($195.73 million,) totaling 536.4 billion EGP, compared to 535 billion EGP Tuesday.

“The market moved at the same sideways range with lower volumes compared to the past week’s volumes,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.

The “main problem with the market these days” is the strong resistance level of 9,500 points, he said, adding, “we do not know if the market will penetrate it or not, as investors are afraid and cautious from calls to protest the Mohamed Mahmoud events Nov.28.”

Feky attributed the sideways move to traders’ concerns about possible clashes or violence on this day which comes after long period of calm atmosphere in the streets.

Feky said the EGX will probably rise with higher turnover after this date.

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