CAIRO: The Egyptian Exchange (EGX) showed mixed performance at open of Tuesday’s session amid sideways trading following a two-day dip.
Egypt’s market lost ground for two consecutive sessions rattled by local unrest following a final court ruling that dropped charges against former President Hosni Mubarak over the killing of protesters during the 2011 January 25 Revolution.
Additionally, Egypt’s capital market was hurt by Arab sell-offs following the OPEC decision Sunday not to cut oil output.
On Tuesday, the benchmark index EGX30 rose by 0.39 percent, registering 9,270 points compared to 9,233 points Monday. In turn, the small and mid-cap EGX70 lost 0.13 percent, recording 637.8 points compared to 638 points in the last session. The broader index EGX100 added a sight 0.05 percent to register 1,147 points.
Market capitalization added around 300 million EGP ($72.68 million), totaling 519.9 billion EGP, compared to 519.6 billion EGP Monday.
“As the main index declined last session to 9,233 points with medium volume, it is expected to extend its losing streak today because the sellers are still dominating the market,” Capital Securities Brokerage technical analysis head Noha Raheel told The Cairo Post Tuesday.
Raheel added that the selling pressures may drag the index to the level of 9,150 points on intraday. “Meanwhile, the indicators still give positive signal, and the index may return back to 9,500 points as a short term target.”
The analyst advised traders to watch the volume, take profit and respect the stop loss and watch the market for an entry point.