CAIRO: The Egyptian Exchange (EGX) shut on a limited rise at the close of Sunday’s session, as the benchmark index EGX30 ended 0.12 percent higher, showing a slight rebound from a two-week plunge.
Pushed by local purchases, the benchmark rose to 9,062 points at close, compared to 9,052 Thursday. Also, the small and mid-cap index EGX70 inched up 1.05 percent to hit 507 points, up from points 502 points in its last session. The broader index EGX100 added 0.63 percent as well, recording 1,034 points.
Dozens of local retailers organized a protest outside the headquarters of the (EGX) Sunday morning, calling for the removal of its chairman Mohamed Omran, blaming him for a market plunge over the past two weeks that shrugged off the positive drivers from the economic summit held in Sharm al-Sheikh earlier this month.
Despite the “unpredicted success” of the economic conference, the EGX neglected all positive drivers, losing roughly 45 billion EGP in less than 10 sessions, Osool Securities Brokerage technical analysis head Ehab Saeed told The Cairo Post.
Meanwhile, capital market experts say Egypt’s involvement in the ongoing Arab military campaign led by Saudi Arabia against Yemen’s Houthi rebels triggered more pressure on the market indexes last week.