EGX dips over profits taking at open
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) dipped at open during Wednesday’s session and market capitalization shed around 1.6 billion EGP ($215 million) hurt by profit taking activities after it has recorded its highest level in over six years Tuesday.

The benchmark index EGX30 fell by 0.6 percent, registering 9,987 points, compared to 9,946 Tuesday. Also, the small and mid-cap index EGX70 lost 0.4 percent to 577 points, down from 579 points in the last session while the broader index EGX100 has also decreased by 0.33 points, recording 1,142 points.

Market capitalization slipped toward 523.3 billion EGP, compared to 524.9 billion EGP Tuesday.

The EGX30 saw a significant rise during Tuesday’s session due to the strong buying power that entered at blue chips, especially real estate and financial stocks, pushing the index to approach its resistance level of 10,000 points before facing light profit taking processes, said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.

However, the market is still expected to witness a soon penetration of the resistance level of 10,000 points, Gamal added.

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