EGX shuts on mixed note after trimming early slide
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) ended on a mixed noted after off-setting morning losses, getting support from positive performance of blue chips after the mid-session.

The benchmark index EGX30 fell by 0.48 percent, registering 9,112 points compared to 9,156 points Monday. In turn, the small and mid-cap EGX70 added 0.87 percent, recording 630.8 points compared to 625.4  points in the last session, and the broader index EGX100 also increased by 0.44 percent to register 1,134 points.

Market capitalization added around 2.8 billion EGP ($391.47 billion), totaling 516.1 billion EGP, compared to 513.3 billion EGP Monday.

“The market reduced its morning losses after the benchmark index rebounded from its support level of 9,050 points, giving a positive sign at close,” Walid Helal, a technical analyst at El-Mokattam Securities Brokerage told The Cairo Post.

Most stock closed above their highs, indicating they have recovered from the recent correction, Helal added.

“The EGX is seen targeting 9,300 points to 9,400 points in the coming few session,” he predicted, citing today’s rebound boosted by blue chips’ positive performance with high volume.

Egypt’s stock market  plunged Monday and market capitalization incurred losses worth 12 billion EGP ($1.67 billion) Monday, hurt by an intensive selling spree triggered by investors’ growing concerns about Friday protests.

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