EGX shows slight decline at open amid recovery expectations
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) showed a limited decline at the open of Sunday’s session amid expectations of an immediate rebound after Islamist calls for anti-regime protests Friday seemed to fall on deaf ears.

The benchmark index EGX30 fell by 0.22 percent, registering 9,305 points compared to 9,325 points Thursday. Also, the small and mid-cap EGX70 lost 0.27 percent, recording 640.3 points compared to 642 points in the last session, and the broader index EGX100 also decreased by 0.15 percent to register 1,151.9 points.

Market capitalization added around 1.5 billion EGP ($209.6 million), totaling 522.5 billion EGP compared to 524 billion EGP Thursday.

Mona Moustafa, a technical analyst at the African Economic Group, said indexes and stocks may continue their positive performance this week, and predicted that early sessions might witness minimal profit taking until breaching secondary support levels.

Moustafa added market performance may improve during the last half of this week amid calm trading.

She said the EGX30 has resistance from 9,365 points to 9,500 points, and support from 9,280 points to 9,110 points. She advised traders to conduct trades on small and mid- caps while saving enough cash liquidity to purchase stocks that may dip after profit taking.

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