CAIRO: The Egyptian Exchange (EGX) closed on a mixed note Tuesday amid sideways performance, as the benchmark index EGX30 ended only 0.17 percent higher.
Pushed by local institutions’ purchases, the benchmark rose to 9,134 points at close, compared to 9,119 points Monday. Also, the small and mid-cap index EGX70 was almost flat, losing only 0.02 percent to end at 517.5 points, down from 517.7 points in its last session. The broader index EGX100 added 0.11 percent, recording 1,045 points.
Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities, said the upward move is expected to continue in the upcoming few sessions to send the index towards the resistance level of 9,260 points.
“If the index sustained above this level, it would extend its rally,” he said, advising traders to watch the market closely at the mentioned resistance level.
Traders are also recommended to buy on dips near support levels, and activate their stop-loss tactic to avoid any possible risks, the analyst concluded.