Cairo – Mubasher: EGX indices finished Sunday’s trading session on a mixed note, shrugging off all positive expectations.
The benchmark EGX30 reversed the positive kick-off and closed 0.06% lower to the mark of 7,494.7 points on blue-chip stocks.
EGX30 largest constituent, CIB, dragged the main gauge down by 1.24% to EGP 43.3 by the end of the session.
“Today’s top gainers were Elsaeed Contracting, Global Telecom, and Palm Hills as each rose 1.1%, 1.0%, and 0.8% respectively. On the flip side, Porto Group, TMG Holding, and Emaar Misr fell 3.3%, 2.0%, and 1.3% respectively”, Pharos Research firm pointed out.
Meanwhile, the small and mid-cap index EGX70 rose 2.05% to 373.6 points. Likewise, the broader index EGX100 moved up by 1.2% to 781.1 points.
The stock market is currently moving sideways between 7,257 points and 8,000 points, said Khaled Nagah, head of trading at Mega Investment, adding that the benchmark, if kept moving above the current level, will run bullish in the coming period.
Speculators are strongly trading on EGX70 stocks, while poor buying appetite for EGX30 stocks is still the main driver behind today’s mixed performance, Nagah concluded.
Market capitalization gained EGP 342 million to level up at EGP 402.2 billion against EGP 401.9 billion on Thursday.
The bourse recorded a turnover of EGP 379.2 million. Out of 165 stocks, it further saw 70 ones move up, 44 go down, and 51 stay at their previous levels.
Egyptians were net buyers by EGP 11.96 million, while Arab and foreign investors were net sellers by EGP 656,000 and EGP 11.3 million correspondingly.
Kafr El Zayat Pesticides, El Orouba Securities Brokerage, Egyptian International Pharmaceuticals (EIPICO) led the top gainers by 9.39%, 9.38%, and 8.93% respectively.
On the negative note, the top losers were Delta For Printing & Packaging (-7%), Cairo Poultry (- 4.8%), and Misr Hotels (- 4.6%)
Earlier, stock market analysts expected EGX indices to initiate the trading week on a positive note, snapping Thursday’s losses after the crash of EgyptAir flight MS804.
Translated by Ahmed El-Sayed Ali
