EGX benchmark dips 2% in July, equities gain $1.6B
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) posted mixed performance during July trading sessions, and market capitalization gained around 12.3 billion EGP ($1.56 billion,) according to its monthly report.

The benchmark index EGX30 dipped 2.15 percent to end July at 8,192 points, down from 8,372 points at June-end.

In turn, the small and mid-cap index jumped 3.24 percent, ending July at 459 points, compared to 445 points a month earlier. The broader index EGX100 also added a slight 0.25 percent to close the month at 944 points.

“The benchmark is projected to focus on its resistance level near (8,250- 8,300) points, which may hinder its upward rebound on the short-term,” said Ehab Saeed, Osool Securities Brokerage technical analysis head.

Saeed also expected the small and mid-cap index to target its new and key resistance near 460 points. “A confirmed breach of the said resistance may push the index toward 480 points,” he predicted.

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