EGX dips over profit taking at open
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) lost ground at the open of Thursday’s session, hurt by profit taking activities after the benchmark index EGX30 hit its highest level since 2008, penetrating the 10,000-point barrier.

The benchmark fell by 0.81 percent, registering 9,946 points, compared to 10,045 Wednesday. Also, the small and mid-cap index EGX70 lost 0.51 percent to hit 593.7 points, down from 596.7 points in its last session, and the broader index EGX100 decreased by 0.67 points, recording 1,173 points.

Market capitalization lost around 2.3 billion EGP, slipping toward 538.4 billion EGP ($70.5 billion,) compared to 540.7 billion EGP Wednesday.

“The slip is driven by profit takers after the market hit more than a six-year high in the last session,” said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.

Gamal added that selling pressures on all big caps, but Beltone and Juhayna may drag the benchmark toward the support level of 9,800-9,830 points which may stop losses.

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