CAIRO: The Egyptian Exchange (EGX) saw limited decline during the opening session Wednesday after it has witnessed a slight increase during the past two days amid sideways trading in light of Christmas celebrations.
The Benchmark index EGX30 decreased by 0.35 percent, registering 8,978 points compared to 0.72 percent increase, registering 9,022 points Tuesday. Also, the small and mid-cap EGX70 decreased by 0.24 percent, registering 567.21 points compared to 0.27 percent in Tuesday’s session.
The decline is caused by the selling pressures following Monday’s rally.
However, the broader EGX100 index went up 0.50 percent, registering 1093.8 points, compared to 0.24 percent Tuesday.
“The market rallied powered by the positive performance of big caps after penetrating the strong resistance of 8,800 points,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post.
Feky said exceeding this resistance was possible after the market moved sideways before preparing for another higher target.
The benchmark faces a resistance level near 9,050 points, said Feky, adding that “a breach above this important level will push the market toward the important range between 9,340 points-9,500 points.”