CAIRO: The Egyptian Exchange (EGX) rebounded at the open of Monday’s session boosted by local purchases.
The benchmark index EGX30 rose by 0.66 percent, registering 9,844 points, compared to 9,779 Sunday. Also, the small and mid-cap index EGX70 lost 0.27 percent to hit 575.5 points, up from 573.9 points in the last session and the broader index EGX100 increased by 0.38 points, recording 1,143 points.
Market capitalization added around 7.9 billion EGP ($1.03 billion,) edging toward 539.6 billion EGP, compared to 531.7 billion EGP Sunday.
“Short- term investors are advised to hold on their cash and re-enter when a clear sign appears. They also should activate their stop-loss tactic to avoid any risks that may occur. Meanwhile, long and medium-term investors are recommended to hold on their position,” Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.
Egypt’s market shut on a negative note Sunday after the benchmark lost 0.64 percent and 23 of 30 index movers closed in the red.