EGX dips in New Suez Canal opening week, benchmark to target 8,300
Egyptian Exchange - YOUM7(Archive)

CAIRO: The Egyptian Exchange (EGX) lost ground last week, and its market capitalization shed around 2.4 billion ($306.68 million) on Arab sell-offs.

The EGX trading sessions were limited for four trading sessions only, as Egypt’s Cabinet announced Thursday, August 6, an official public holiday on the occasion of opening the New Suez Canal.

The benchmark index EGX30 lost 0.95 percent to end the week at 8,114 points, compared to 8,191 points a week earlier.

Also, the small and mid-cap index EGX70 fell 0.62 percent to close the week at 456.2 points, down from 458.1 points in the previous week.

The broader index EGX100 was almost flat, losing a slight 0.03 percent to close at 943.8 points, compared to 944.1 points in the previous week.

“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 former resistance near 460 points. “A confirmed breach of the said level may push the index toward 475 points,” he predicted.

Recommend to friends

Leave a comment