CAIRO: The Egyptian Exchange (EGX) opened on a slight dip Sunday, amid sideways trading as the Gulf market showed similar performance due to the oil price decline to $56.42 per barrel.
The benchmark index EGX30 lost a slight 0.49 percent, registering 8.882 points compared to 8,926 points Wednesday. Also, the small and mid-cap EGX70 decreased by 0.11 percent, registering 564.8 points, compared to 565.4 in its last session.
The broader EGX100 index went down 0.17 percent, registering 1,088 points, compared to 1,090 points Wednesday.
Market capitalization shed around 1.3 billion EGP ($531.23 million), totaling 498.7 billion EGP compared to 500 billion EGP Wednesday.
“In case the benchmark index dipped at the open of the new year’s first session, it’s expected that it will sustain above 8,800 points and rebound to test its resistance level ranging between 9,050-9,150 points,” head of technical analysis desk at Cairo Capital Securities Adham Gamal Eldin told The Cairo Post.
Gamal said the EGX30 opened flat and then traded sideways with a downward tendency, like most Gulf markets in light of the oil price plunge to $56.42 per barrel and the U.S. markets’ decline.
“The market is likely to rebound and this will reveal the power of the bulls that will lead the market, but it may slip toward 7,500 points if this weakness continued,” the analyst concluded.