CAIRO: The Egyptian Exchange (EGX) shut on a slight rise Sunday, amid sideways trading as the Gulf market showed similar performance due to the oil price decline to $56.42 per barrel Friday.
The benchmark index EGX30 added a slight 0.18 percent, registering 8.942 points compared to 8,926 points Wednesday. Also, the small and mid-cap EGX70 increased by 0.67 percent, registering 569 points, compared to 565.4 in its last session.
The broader EGX100 index went up 0.44 percent, registering 1,095 points, compared to 1,095 points Wednesday.
Market capitalization shed around 1.1 billion EGP ($150 million), totaling 501.1 billion EGP compared to 500 billion EGP Wednesday.
“The benchmark index dipped at the open of the new year’s first session, but the index sustained above 8,800 points and it is expected to re-test its resistance level ranging between 9,050-9,150 points in the coming session,” head of technical analysis desk at Cairo Capital Securities Adham Gamal Eldin told The Cairo Post.
Gamal added “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.”