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

CAIRO: The Egyptian Exchange (EGX) shut on a mixed note Sunday amid sideways trading, as the benchmark index EGX30 added a slight 0.14 percent, registering 9,494 points, compared to 9,481 Thursday.

In turn, the small and mid-cap index EGX70 fell by 0.09 percent to hit 573.5 points, down from 574 points in its last session. The broader index EGX100 was flat, sustaining at 1,139 points. Market capitalization declined to 513.7 billion EGP, compared to 515.5 billion EGP Thursday.

Egypt’s market lost ground last week, and market capitalization shed around 15.2 billion EGP ($1.99 billion), rattled by the release of a video showing the mass beheading of 21 Egyptian Copts by members of the Islamic State (IS) group in Libya Sunday.

In response, the Egyptian Army in cooperation with Libyan Air Forces launched airstrikes on alleged havens of the IS group in eastern Libya Monday.

Osool Securities Brokerage technical analysis head Ehab Saeed, told The Cairo Post the EGX30 will shadow the upcoming political events, especially launching new military strikes to IS group.

The benchmark will focus on its support of 9,370 points, he said, adding “holding steady above this level would push the index to re-test the resistance level of 9,800 points.”

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