EGX opens with sideways movement
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The EGX opened with sideways movement Monday, registering a slight rise of .27 percent.

The benchmark index EGX30 registered 9,559 points in the morning, after its open at 9,458 points.

“The session of today may be continued to rise because the buyers it appears and will get 9,600 this week. The indicators still give a positive signal,” said Noha Raheel, a technical analyst at Capital Securities Brokerage, adding that she expected the index to return to 9,800 “as a target on short term but we must watch the volume.”

She recommended profit taking, and to respect the stop loss and watch the market for an entry point.

Last week the exchange showed mixed performance, and market capitalization shed around 2 billion EGP ($280 million.)

Egypt’s market lost  ground for three 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.

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