EGX shuts on negative note
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO:The Egyptian Exchange (EGX) closed Wednesday at limited decline 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 0.88 percent, registering 8,926 points compared to 9,022 points Tuesday.

The small and mid-cap EGX70 decreased by 0.55 percent, registering 565.43 points compared to 0.27 percent in Tuesday’s session. However, the broader EGX100 index went up 0.19 percent, registering 1090.46 points, compared to 0.24 percent Tuesday.

The decline is caused by the selling pressures following Monday’s rally and came, however, after the bourse board of directors approved Tuesday a license for establishing the first Exchange Trade Funds (ETFs) certificates, through the benchmark EGX 30, at a total value of EGP 10 million.

“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.”

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