EGX dips over unrest following Mubarak verdict
The Egyptian Exchange (EGX) - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) shut on a limited slide Sunday a day after charges were dropped against former President Hosni Mubarak in his trial over killing protesters during the 2011 January 25 Revolution.

Meanwhile, analysts said they expect the market to rebound in the coming session after Islamist calls for anti-regime protests Friday seemed to fall on deaf ears.

The benchmark index EGX30 fell by 0.19 percent, registering 9,307 points compared to 9,325 points Thursday. Also, the small and mid-cap EGX70 lost 0.23 percent, recording 640.6 points compared to 642 points in the last session, and the broader index EGX100 also decreased by 0.21 percent to register 1,151 points.

Market capitalization lost around 2 billion EGP ($279.47 million), totaling 522 billion EGP compared to 524 billion EGP Thursday.

“The market traded flat due to the unstable situation in the streets,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post Sunday.

Feky also attributed the sideways trading to traders’ weak appetite towards new buying ahead of the  year’s end.

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

Moustafa added that 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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