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EGX indices mixed in early trade

EGX indices mixed in early trade
Photo Credit: Arabianeye-Reuters

Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) showed varying performance in Sunday’s early trading.

The benchmark index EGX30 inched lower 0.26% to reach 9817 points amid selling pressures from foreigners.

The market delayed the beginning of trading for one minutes mourning the death of military officers in Sinai in terror attacks.

Moamen El Shayyal, head of technical analysis, AlJazira Securities Brokerage, said the benchmark is moving in a short-term sideways trend due to facing key resistance area of 9800/9900 points; its highest level in three months.

He expected the index to continue its upward movement after current profit taking ends, thus targeting 10500 points in the medium term.

According to the analyst, the index will likely face key resistance at 10200 points that may hinder the index uptrend or trigger correction.

El Shayyal advised traders to buy in dips and stop loss below 9700 for short term and 9200 for medium term.

EGX70 rose 0.04% to 576.8 points, while the broader index EGX100 lost 0.16% to 1143.2 points.

Traded volume amounted to 6.3 million shares, exchanged at EGP 14.3 million.

Nationals were net buyers by EGP 361.8 thousand, while foreigners were net sellers by EGP 365.9 thousand.

Photo Credit: Arabianeye-Reuters