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Egypt equities gain EGP12bn in July; benchmark down

Egypt equities gain EGP12bn in July; benchmark down
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: The Egyptian Exchange indices showed mixed performance during July sessions, while market capitalisation added around EGP 12.3 billion ($1.6 billion).

The benchmark index EGX30 fell by 2.15% or 180 points to close at 8191.53 points, compared with 8371.53 points in June.

The benchmark bottomed out at 7526 level during the month, but was later supported by purchasing powers to recoup some of its losses, said Sameh Gharib, head of technical research at Roots for Securities Brokerage.

The analysts added that the index broke the lower limit of the sideways channel, expecting the gauge to continue attempting to regain some of its loss next month.

EGX70, which measures small and mid-cap stocks, rose 3.2% or 14.43 points to close at 459.12 points, up from 444.69 points at the end of June.

Gharib expects EGX70 to extend its bull run during the first half of August.

The broader index EGX100 inched higher by 0.25% to 944.14 points, compared with 941.77 points.