EGX gains 2.2B EGP amid mixed performance this week
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) showed a mixed performance this week, which was limited for only four sessions.

The EGX was shut on Wednesday in observance of Islamic New Year.

During the course of the week, market capitalization gained around 2.2 billion EGP ($million,) to hit 454.7 billion EGP, compared to 452.5 billion EGP last week.

The benchmark index EGX30 rose 1.37 percent to end the week at 7,594 points, up from 7,495 points last week.

“The benchmark is projected to focus on its new resistance level near 7,400– 7,450 points, which may hinder its backward movement,’” said Ehab Saeed, Osool Securities Brokerage technical analysis head.

In turn, the small and mid-cap index EGX70 retreated 0.89 percent to close the week at 395 points, down from 389.5 a week earlier. The broader index EGX100 added a slight 0.18 percent to close at 854 points, after 852.4 points last week.

Saeed said the EGX70 is expected to target its fresh resistance near 4393-395 points, which is forecasted to stop bearish performance.

The EGX lost ground on Thursday, and its benchmark dipped 0.97 after the Central Bank of Egypt depreciated the pound amid speculations of further devaluation next week.

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