CAIRO: The Egyptian Exchange (EGX) went up amid sideways trading at open of Monday’s session due to global markets’ escalated concerns about crude price.
The benchmark index EGX30 added a slight 0.35 percent, registering 8,941 points compared to 8,909 points Sunday. Also, the small and mid-cap EGX70 rose by 0.22 percent, registering 572 points, compared to 571 in its last session. The broader EGX100 index added 0.35 percent as well.
Market capitalization added around 1.2 billion EGP ($167.78million,) totaling 497.5 billion EGP compared to 496.3 billion EGP.
The benchmark index EGX30 extended its sideways trading at open of Monday’s session, amid expectation that it could reach near a support level of 8,800 once again,” head of technical analysis desk at Cairo Capital Securities Adham Gamal Eldin told The Cairo Post.
Gamal added that any rebound from that level would be a chance to reduce positions until a clear sign appears.
“The market faces 9,050 points as a resistance level, then 9,150 points, while the level of 8,800 acts as the first support level and 8,600 points as second level,” Gamal added.
He advised investors to offload some of their positions at any upward move near resistance levels, and activate their stop-loss tactic to avoid any risks that may occur.