CAIRO: The Egyptian Exchange (EGX) shut on a mixed note Sunday, hurt by selling pressures on most small and mid-cap stocks.
The benchmark index EGX30 ended 0.17 percent up, registering 9,274 points compared to 9,258 points Thursday. In turn, the small and mid-cap EGX70 dropped 1.07 percent, recording 639.5 points compared to 646.3 points in the last session, and the broader index EGX100 also decreased by 0.64 percent to register 1,147 points.
Market capitalization gained around 300 million EGP ($41.9 million), totaling 525.4 billion EGP compared to 525.1 billion EGP Thursday.
“The benchmark index is expected to focus on its resistance level of 9,370 points 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.