CAIRO: The Egyptian Exchange (EGX) shut on a mixed performance Thursday, and market capitalization shed around 2 billion EGP ($181.92 million,) totaling 513 billion EGP, compared to 515 billion EGP yesterday.
The benchmark added a slight 0.12 percent, registering 9,556 points compared to 9,544 points Wednesday. In turn, the small and mid-cap EGX70 fell by 0.75 percent, registering 577 points, compared to 581 in its last session. The broader EGX100 index lost 0.3 percent as well, reaching 1,153 points.
The EGX30 closed on a positive note yesterday, adding 2.53 percent due to the heavy buying power from buyers at both big and small caps, which led the index to close near a resistance level of 9,580 points accompanied by heavy turnover.
Meanwhile, selling pressures hurt the market today as traders tended to take profits following the 3-day rally.
“Profit taking processes near the benchmark’s resistance level of 9,580 points may drag it near the area between 9,400 – 9,300 points,” Adham Gamal Eldin head of the technical analysis desk at Cairo Capital Securities told The Cairo Post.
Gamal added that the level of 9,580 points acts as a resistance level, followed by 9,800 points, and that support levels range between 9,300 and 9,150 points.
“Investors are advised to choose their stocks carefully, enter a stock near its support level, and they also should take profits near resistance levels for short-term trading purposes and activate their stop loss tactic to avoid any risks that may occur,” Gamal said.