On the first day in the holy month of Ramadan, indices of the Egyptian Exchange (EGX) showed mixed performance and market capitalization lost around EGP 323 million amid selling pressures from local traders and retail foreign investors.
Benchmark index EGX30 fell 0.28% or 23 points to close at 8070.76 points. Meanwhile, small and mid-cap index EGX70 rose 0.34% or 1.96 points to 585.43 points. The broader index EGX100 inched higher 0.20% or 2.03 points to 1025.83 points.
Market capitalization reached EGP 473.474 billion, while today’s turnover amounted to approx. EGP 394 million.
Nehal Zaki, head of technical analysis, Okaz Securities Brokerage, said investors should stop loss for short-term positions at 8035 points. She added that moving below such a level would lead the index lower to test support levels of 7845 then 7720 points; the stop-loss point for medium-term traders.
According to the analyst, trading above resistance levels of 8160, 8380 and 8500 amid huge traded volumes would signal regained momentum.
EGX indices trimmed most of their early gains Thursday and ended on a positive note, amid buying tendency among local and Arab retail buying as well as foreign and Arab institutions.
EGX30 inched higher 0.15% or 12 points to close at 8093.75 points, while the small and mid-cap index EGX70 added 0.96% or 5.52 points to 583.47 points and the broader index EGX100 ended 0.69% or 6.98 points higher at 1023.8 points.