CAIRO: The Egyptian Exchange (EGX) opened with sideways movement Wednesday, with the benchmark index EGX30 registering a drop of .08 percent as of noon.
The EGX 30 registered 9,178 points, and the mid-cap EGX70 index registered 623 points, a slight drop from Tuesday’s close of 628 points.
The exchange lost ground for a third consecutive day by the end of Tuesday’s session as the benchmark index EGX30 failed to maintain early gains hurt by selling pressures on blue chips.
Egypt’s market was 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.
“The market managed to stay at the sideway range above 9,000 points, failing to breach above 9,340 points,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post Tuesday.