EGX flat at open, benchmark seen targeting 9,600
Egyptian Exchange - YOUM7

CAIRO: The Egyptian Exchange (EGX) opened on a flat performance Sunday, and market capitalization has not seen any change, totaling 513 billion EGP ($71.76 billion).

The benchmark was flat with no change, sustaining Thursday’s close at 9,556 points. Also, the small and mid-cap EGX70 was almost flat adding only 0.01 percent, registering 577 points, the same level of its last session. The broader EGX100 index lost 0.85 percent as well, reaching 1,143 points, down from 1,153 Thursday.

Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post that the EGX30 will focus on its next resistance of 9,600 points. “Breaching this level will prevent the index from extending its rise on the short-term,” he said.

Saeed predicted the EGX70 will focus on its resistance near 600 points, noting that penetrating this level may hinder its rebound.

Last week, the market went up collectively, and market capitalization added around 14.3 billion EGP ($2 billion) pushed by local institutions’ purchases. The benchmark jumped 6.8 percent, closing the week at 9,556, compared to 8,946 points a week earlier

Egypt’s market was pushed by the official launch of the first exchange traded fund (ETF) XT-MISR Wednesday at a total value of 10 million EGP ($1.4 million) divided into 1 million certificates of 10 EGP each.

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