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Egypt bourse indices shut on mixed note

Egypt bourse indices shut on mixed note
Indices of the Egyptian Exchange (EGX) trimmed their early gains weighed by profit taking, while market capitalization steadied at EGP 525.4 billion.
The benchmark index EGX30 rose 0.17% to close the session at 9274.19 points, while the small and mid-cap index EGX70 went down 1.06% to 639.56 points and the broader index EGX100 ended 0.64% lower at 1147.73 points.
Local institutions were net buyers by more than EGP 26.1 million, while foreign institutions were net buyers by EGP 16.2 million.
Arab individuals were net buyers by EGP 2.4 million, while local individuals and Arab institutions were net sellers.
At the sectoral level, financial services excluding banks was the top gainer (+1.35%), backed by Amer Group (+2.29%).
The real estate sector also rose 0.25% after Medinet Nasr Housing gained 1.3%.
On the negative front, the banks sector fell 0.31% pressured by CIB that drifted 0.68% lower to EGP 49.49.
Minapharm was the top gaining stock, as it soared 10% to EGP 32.12, after the news that Minapharm was approached by a Dutch firm to acquire the company.
Minapharm announced, in a statement to the stock market, that it has been approved by Dutch drugs firm Trekwerk BV for a potential takeover of up to 100% in the company’s capital at EGP 37.5 per share.
Wadi Kom Ombo, Cairo Educational Services and Arab Engineering Industries also soared by more than 9.9%.
Waleed Hilal, technical analyst, Mokattam Alexandria Securities Brokerage, said Sunday’s session saw selling tendency in early trading then the buying spree continued for most of the day then selling powers emerged again to trim the market gains.
Most leading stocks saw ‘positive’ traded volumes and strong performance, especially EFG-Hermes, Pioneers, Amer, Egyptian Resorts, Qalaa and some of the housing stocks, according to the analyst.
Hilal expects Monday’s session to saw a slight decline, adding that several stocks would continue their sideways movement and tick higher at the end of the week.
Amr Saad, technica analyst, ruled out a several impact on the bourse from calls for staging anti-government protests next Friday.
Technically, the index trend is upwards as long as the index is above 8800 points, Saad said, adding that crossing the 9600 level would push the index higher to 10200.