CAIRO: The Egyptian Exchange (EGX) opened with sidways trading, registering a .3 percent rise in the morning hours, in the new year’s second trading session.
The benchmark index EGX30 reached 8,969 points, up from 8,951 points at yesterday’s close.
The market 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.
Market capitalization Sunday shed around 1.1 billion EGP ($150 million), totaling 501.1 billion EGP compared to 500 billion EGP at the end of last week’s trading.
“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.