CAIRO: The Egyptian Exchange (EGX) rebounded with a rise of 1.34 percent Monday after a steep drop Sunday.
The benchmark index EGX30 registered 8,832, up from 8,716 at Monday open. Over Sunday’s trading the index lost more than 400 points.
“The session of today may continue to decline because it appears sellers can get 8,600 in the short-term,” said Noha A.Rahmn Raheel, a technical analyst with Capital Securities Brokerage, after the open.
Last week market capitalization shed around 14 billion EGP ($2 billion.)
“The market plummeted after Saudi Arabia rejected [last] Sunday to cut its oil output despite the remarkable increase in supply which triggered oil to the lowest level since July, 2009 to hit $63 per barrel Friday,” said Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post Saturday.