EGX shuts on positive note amid sideways trading
Egyptian Exchange - YOUM7

CAIRO: The Egyptian Exchange (EGX) shut on a collective rise Sunday after sideways trading, and market capitalization added around 2.6 billion EGP.

The benchmark index EGX30 inched up 0.39 percent, registering 9,785 points, compared to 9,747 Thursday. Also, the small and mid-cap index EGX70 added 0.59 percent to hit 599.7 points, up from 596.2 points in its last session. The broader index EGX100 rose by 0.55 percent, recording 1,176 points.

Market capitalization edged up to 532.9 billion EGP, compared to 530.3 billion EGP Thursday.

Last week, the market showed a collective decline, and market capitalization shed around 9.5 billion EGP ($1.24 billion) hammered by sell-offs’ pressure on blue chips.

Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post, “The EGX30 will focus on its former support near 9,550-9,600 points this week, which may hinder its downward wave.”

Saeed predicted the EGX70 will focus on its previous support area around 582-585 points, which is expected to prevent further slips.

“The market was down last week due to the deadly clashes of the Air Force Stadium, shrugging off Russian President Vladimir Putin’s visit to Cairo, the first since 10 years,” Saeed added.

Putin’s visit will have several positive impacts in the medium and long-term after President Abdel Fatah al-Sisi along with his Russian counterpart assured ongoing cooperation between the two countries, especially in economic, trade, military and fields, said Saeed.

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