CAIRO: The Egyptian Exchange (EGX) showed mixed performance at open of Thursday’s session, amid expectation of possible profit taking during the rest of the session..
The benchmark index EGX30 was almost flat losing only 0.02 percent, registering 9,962 points, compared to 9,963 Wednesday. In return, the small and mid-cap index EGX70 added a slight 0.21 percent to 576.5 points, down from 575 points in the last session and the broader index EGX100 has also added by 0.04 points, recording 1,144 points.
Market capitalization added around 800 million EGP ($107.14 million), edging up toward 524 billion EGP, compared to 523.2 billion EGP Wednesday.
The EGX shut Wednesday on a negative note as the benchmark lost 0.83 percent (82.85 points), with 24 of 30 index movers closing in the red area, said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.
The market was hurt by profit taking after the benchmark approached its resistance level of 10,000 points in the previous session, said Gamal.
Gamal added that the market may extend its downward toward 9,800 points Wednesday. “A breach below the support level of 9,830-9,800 may drag the index toward the next support level of 9,580 points in the coming few sessions.”
“Short- term investors are advised to hold on their cash and re-enter when a clear sign appears. They should activate their stop loss tactic to avoid any risks that may occur. Meanwhile, long and medium term investors should hold on their positions,” the analyst recommended.