Cairo - Mubasher: The indices of the Egyptian Exchange (EGX) saw a mixed performance on Monday’s trading session, as the benchmark index EGX30 added 0.30% and closed at the level of 12,583.13 points.
EGX70 went down by 0.22% to 586.48 points, while the broader index EGX100 lost 0.19% and closed at 1,347.01 points.
Similarly, the equal-weighted index EGX50 declined 0.28% to the level of 2,002.37 points.
EGX’s stocks rose after the unjustified drop seen yesterday, which came mainly due to the fall of blue chips, Said Elfekky of Osool Securities told Mubasher.
Elfekky added that the main index settled over 12,550 after closing yesterday’s session at 12,545, approaching the level of 12,600 points with relatively small trade values not exceeding EGP 650 million.
Traded volumes 191.1 million shares, with values totalling EGP 1.53 million through around 24,800 transactions.
The market capital lost EGP 177 billion and closed at EGP 651.5 billion.
Elfekky attributed the decline to the state of concerns dominating investors who anticipate the expiration of freezing the capital tax law in May, as they remain doubtful of a new delay for another three years.
The resistance levels for EGX30 are currently between 12,750 and 12,850 points, which if the market was to exceed it would mark the end of the correction wave, he added.
Foreign and Arab investors were net buyers at EGP 329.8 million and EGP 262.16 million respectively, while Egyptians were net sellers at EGP 592 million.
