CAIRO: The Egyptian Exchange (EGX) opened on a mixed note amid expectation of collective slip due to increasing selling pressures following yesterday rally.
The benchmark added a slight 0.08 percent, recording 9,811 points, higher than Tuesday’s 9,804 points. The small and mid-cap EGX70 fell by 0.23 percent, registering 569.3 points, compared to 570.5 yesterday. Also, the broader EGX100 index decreased 1.24 percent, reaching 1,133 points, down from 1,148 in the last session.
Market capitalization lost 100 million EGP ($13.69 million,) totaling 518.7 billion EGP, compared to 518.8 billion EGP Tuesday.
“The market is expected to see a minimal profit taking wave Tuesday, namely on blue chips that soared in the past sessions,” Mona Moustafa, a technical analyst at the African Economic Group, told The Cairo Post.
“Short-term traders are recommended to conduct daily trades to benefit from the high fluctuations in share prices. Meanwhile, medium and long-term investors should start building new buying positions on selective shares with thick liquidity,” the analyst said.