Egypt’s Stock Market Retreats Amid Profit-Taking

The Egyptian stock market declined on Sunday after rallying for five consecutive sessions, with the benchmark index EGX 30 dropping 1.02 percent.

Director of customer accounts at Okaz Securities Brokerage Ahmed Zakaria said profit-taking was expected after the rally. He said the pressures created by the profit-taking prevented the market from rising to the technical support point of 8,150.

EGX 30 ended trading on Sunday with 8,004.83 points.

Profit-taking was heaviest in the transport and shipping sectors, Zakaria said.

He anticipates that the Egyptian market will rise in the upcoming sessions, especially as the inauguration of the 72 kilometere-long new canal being dug parallel to the Suez Canal, on August 6, comes closer.

The EGX 70 index for small and medium enterprises inched up by 0.17 percent, while the broader EGX 100 edged down by 0.09 percent.