EGX market watch, March 2: EGX30 drops 0.6% on profit taking
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange’s indexes declined Sunday, but for a limited rise on the EGX70 index for small and mid-caps, due to profit taking transactions.

The benchmark index EGX30 dropped 0.64 percent to close at 8,075 points, compared to 8,125 points on Thursday.

The market capital declined to 491.6 billion EGP, compared to 491.8 billion EGP on Thursday, marking a 191 million EGP loss.

Further, the EGX70 index for small and mid-caps edged up 0.15 percent, the broader index EGX100 also fell by 0.1 percent and the EGX20 index went down 0.87 percent.

Head of technical analysis and board member of Osool ESB for Securities’ Brokerage Ihab el-Saeed, attributed the fall to profit taking transactions, especially some of the leading shares, including the Global Telecom, OTMT, Hermes, in a statement to The Cairo Post.

The fall was attributed to Egyptian investors’ sell-offs, while Arabs and foreigners tended to purchase. Egyptians net selling reached 35.7 million EGP, while Arabs’ net purchase registered at 20.5 million EGP and foreigners’ net purchases totaled 15.2 million EGP.

However, the technical analyst said he expects the market to edge up Monday, with limited profit taking transactions during the early trading.

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