CAIRO: The Egyptian Exchange (EGX) closed on a negative note Wednesday amid sideways performance, as the benchmark index EGX30 ended 0.39 percent lower.
Hurt by profit taking, the benchmark fell to 9,099 points at close, compared to 9,134 points Tuesday. Also, the small and mid-cap index EGX70 dropped 0.48 percent to end at 515.15 points, down from 517.5 points in its last session. The broader index EGX100 lost 0.26 percent, recording 1,043 points.
“The Egyptian main index closed today on a negative note as 27 of 30 index movers closed in the red, hammered by profit taking processes from short-term investors,” said Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities.
He added that the upward move is expected to continue in the next few upcoming sessions, which would send the index towards the resistance level of 9,260 points.
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.