EGX dips at open, benchmark may target 9.6K points
The Egyptian Exchange (EGX) - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) lost ground at the open of Sunday’s session, hurt by selling pressures that emerged at the close of Thursday’s session.

The benchmark index EGX30 fell by 0.18 percent, registering 9,241.9 points, down from 9,258 points Thursday. The small and mid-cap EGX70 lost 0.77 percent, recording 641.4 points compared to 646.3 points in the last session, and the broader index EGX100 also decreased by 0.57 percent to register 1,148 points.

Market capitalization shed around 1.4 billion EGP ($195.63 million) totaling 523.7 billion EGP, compared to 525.1 billion EGP Thursday.

“The benchmark index is expected to focus on its resistance level of 9,370 points during this week,” Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post Sunday.

Saeed predicted the EGX30 would retest its previous resistance at 9,600 points if it confirms a breach above 9,370 points.

Capital Securities Brokerage technical analysis head Noha Raheel told The Cairo Post the market is likely to extend its downward direction as the main index shut on a negative note last week.

However, Raheel noted the indicators were still positive, and said he expected the main index may return to 9,500 points as a target in the short term.

“Traders must watch the volume, take profit, respect the stop loss and watch the market for an entry point,” she concluded.

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