CAIRO: The Egyptian Exchange (EGX) shut on a limited slip Tuesday, as the benchmark index EGX30 ended 0.07 percent higher hurt by foreign institutions’ sell-offs.
The benchmark registered 9,367.5 points at close, compared to 9,374 Monday. Also, the small and mid-cap index EGX70 lost 0.22 percent to hit 526 points, down from to 527.15 points in its last session. The broader index EGX100 fell by 0.73 percent as well, recording 1,069 points.
Equities shed around 800 million EGP ($104.9 million) as market capitalization dropped to 513.6 billion EGP, compared to 514.4 billion EGP Monday.
“The EGX 30 reached near the key support range of 9,250-9,300 points. A confirmed rebound from this level may send it higher toward 9,500 points,” Ibrahim El-Nemr, Technical Analysis Desk head at Naeem Brokerage told The Cairo Post.
However, a penetration below 9,250 points may drag it lower toward 9,000 points, he said, reiterating that traders are recommended to wait for another buy signal.