Indices of the Egyptian Exchange (EGX) ended Sunday’s session with a varying performance, amid selling pressures from retail traders.
The benchmark index EGX30 offset its early gain to end 0.10% or 9.15 points lower at 8735.24 points. Meanwhile, the small and mid-cap index EGX70 rose 0.46% or 2.86 points to 622.58 points. The broader index EGX100 rose 0.37% or 4.07 points to 1099.64 points.
Market capitalization gained nearly EGP 0.939 billion to reach EGP 497.454 billion, compared with EGP 496.515 billion on Thursday.
Despite closing in the red territory, the benchmark index movement was almost sideways maybe due to nearing the resistance levels of 8780-8800, said Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage.
The analyst told Mubasher the EGX70 is still showing positive performance and closed above 620 points – a key level for the time being – as the retail and speculative stocks reflect the confidence of small investors in the market.
Thabet expected the EGX70 to target 640 upon crossing the 620 level, adding that this would fuel more confidence in the benchmark index rally to cross the 8800 mark in the coming sessions during August.
Sunday’s turnover amounted to more than EGP 301 million, generated from trading 93.8 million shares in 16,000 transactions.
Retail traders accounted for 82.82% of total trading, while institutions made up the remaining 17.17%.
Tracing stock performance, CIB shed 0.59% to EGP 40.42. Global Telecom also fell 1.34% to EGP 5.19. Meanwhile, Bisco Misr rose 5.11% to EGP 69.75, after the news that Saudi Arabia’s Savola Group is competing with UAE’s Abraaj to acquire 100% in the company.