CAIRO: The Egyptian Exchange (EGX) ended on a collective slip Sunday, hurt by selling pressures from Arab investors, while local and foreign traders mostly purchased.
The benchmark lost a slight 0.26 percent, recording 9,530 points, down from 9,556 points Thursday. Also, the small and mid-cap EGX70 fell by 0.86 percent, registering 572 points, compared to 577 in its last session. The broader EGX100 index decreased 1.28 percent as well, reaching 1,138 points, down from 1,153 Thursday.
Market capitalization shed around 1.6 billion EGP (($223.8 million), totaling 511.4 billion EGP, compared to 513 billion EGP Thursday.
Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post that the EGX30 would focus on its next resistance of 9,600 points during this week. “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.