EGX shuts in green, benchmark trades sideways
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) shut on a positive note Wednesday powered by positive performance of small and mid-caps along with local and foreign purchases.

The benchmark index EGX30 rose by 0.46 percent, registering 9,220 points, up from 9,177 points Tuesday. The small and mid-cap EGX70 hiked 1.36 percent, recording 645.5 points compared to 636.9 points in the last session , and the broader index EGX100 also increased by 1.2 percent to register 1,149.9 points.

Market capitalization shed around 5.7 billion EGP ($797 million,) totaling 529.3 billion EGP, compared to 535 billion EGP Tuesday.

“The benchmark moved in 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 early Wednesday.

Feky said the main problem with the market these days is the strong resistance level of 9,500 points, 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 in the streets.

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

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