CAIRO: The Egyptian Exchange (EGX) ended in the green Sunday amid sideways trading in light of Christmas celebrations.
The benchmark index EGX30 added a slight 0.06 percent, registering 8,745 points compared to 8,740 points Thursday. Also, the small and mid-cap EGX70 rose by 0.27 percent, recording 560 points compared to 558.6 points in the last session. The broader EGX100 index went up 0.07 percent, registering 1,073 points.
Market capitalization gained around 3.3 billion EGP ($461.24 million), totaling 497.3 billion EGP compared to 494 billion EGP Thursday.
“The market showed the same scenario for the 5th session in a row as the main index EGX30 traded sideways at a narrow range, closed almost flat,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post Sunday.
“Today’s session was an extension of the accumulative sideways trading in preparation for an expected upward move,” Walid Helal, a technical analyst at El-Mokattam Securities Brokerage, told The Cairo Post Sunday morning.
The market is positive as long as the benchmark sustains above 8,715 points and there will be no worries as long as it remains above 8,640 points, Helal said.
“It is expected the EGX will extend its sideways trading until the year’s end as the bears are forced to sell their stocks for accumulation,” the analyst predicted. The market will possibly ride a new upward wave as soon as the main index penetrates 8,830 points ahead of the Economic Summit Conference scheduled for next March, Helal added.