CAIRO: The Egyptian Exchange (EGX) went up at the open of Monday’s session amid sideways trading in light of Christmas celebrations.
The benchmark index EGX30 added a slight 0.83 percent, registering 8,817 points compared to 8,745 points Sunday. Also, the small and mid-cap EGX70 rose by 0.68 percent, recording 564 points compared to 560 points in the last session. The broader EGX100 index went up 0.56 percent, registering 1,079 points.
Market capitalization gained around 1.6 billion EGP ($223.9 million), totaling 498.9 billion EGP compared to 497.3 billion EGP Sunday.
“The market is expected to continue its selective sideways trading during the rest of the session until the bulls gain momentum to control the market in the coming period,” Mona Moustafa, a technical analyst at the African Economic Group, told The Cairo Post.
Moustafa added that the benchmark faces resistance between 8,730 points -8,830 points, while the support level ranges between 8,697 points-8,580 points.
“Medium- and long-term traders are recommended to set new purchasing positions on selective stocks, while short-term investors should conduct some cautious trades until the market trend becomes clear,” she concluded.