CAIRO: The Egyptian Exchange (EGX) on Tuesday saw, for the second day in a row, a slight increase amid sideways trading in light of Christmas celebrations.
The benchmark faces a resistance level near 9,050 points, Amr el-Feky, asset manager at Cairo Funds Management, told The Cairo Post.
“A breach above this important level will push the market toward the important range between 9,340 points-9,500 points.” He added.
The Benchmark index EGX30 added a slight 0.72 percent, registering 9,022 points compared to 2.44 percent Monday. Also, the small and mid-cap EGX70 decreased by 0.27 percent, registering 569.4 points, compared to 1.94 percent in Monday’s session.
The decline is caused by the selling pressures following Monday’s rally.
The broader EGX100 index went up 0.24 percent, registering 1,090points, compared to 1.36 percent Monday.
“The market rallied powered by the positive performance of big caps after penetrating the strong resistance of 8,800 points,” according to Feky.
Exceeding this resistance was possible after the market moved sideways before preparing for another higher target, he added.