Cairo – Mubasher: The Egyptian Exchange's (EGX) indices ended on mixed note on Tuesday, as the benchmark index EGX30 edged up 0.55% or 43.31 points to close at 7,973.45 points on buying activity by local and foreign investors.
“The market witnessed sideways movement through Tuesday’s session as investors await the Central Bank of Egypt's (CBE) decision regarding further devaluation of the Egyptian pound against the US dollar as well as the progress of the government talks with the IMF in respect to a multibillion bailout,” said Walid Hilal, head of the Egyptian Group brokerage.
The market adopted a sideways trend for several sessions in a row, awaiting new catalysts to be able to break above the resistance level of 8,000 points, added Hilal.
“The benchmark targets the level of 8,000 points after it surpassed the previous resistance level of 7,750 points ,” said Mohamed Ismail, technical analyst at Golden Hand brokerage.
The small and mid – caps index EGX70 eased 0.18% to 361.48 points, while the broader index EGX100 added 0.62% to 785.69 points.
The equal weighted index EGX50 gained 0.76% to 1,375.67 points.
Market capitalisation gained EGP 1.75 billion to EGP 412.79 billion, compared with EGP 411.04 billion in the previous session.
A total of 164.2 million shares changed hands worth EGP 589 million on Tuesday.
Out of 158 stocks traded today, 69 stocks ended in green zone, while 48 stocks moved lower and 41 stocks remained unchanged.
Local and foreign investors ended as net buyers with EGP 6 million and 2.8 million respectively, while Arab investors ended as sellers with EGP 8.8 million.
