Egyptian bourse opens Wednesday on mixed note

The Egyptian Exchange (EGX) opened on a mixed note amid local buying against Arab and foreign selling.

By 10:22 am Cairo time, the benchmark EGX30 index slid 0.23 percent or 35.37 points to 15,161.71 points.

The Commercial International Bank (CIB) tumbled 0.31 percent to 77.52 Egyptian pounds at a turnover of 155,000 pounds.

The EGX70 index added 0.09 percent to 843.16 points, while the EGX100 index edged up 0.02 percent to 2,014 points.

The equal-weighted EGX50 index inched up 0.01 percent to 2,710 points.

Trading volume stood at about 13.5 million shares exchanged at a turnover of 51.5 million pounds through 1,600 transactions.

Egyptian investors were net buyers with 4.3 million pounds, while foreign and Arab investors were net sellers with 1.6 million pounds and 2.6 million pounds, respectively.

The EGX is likely to maintain the sideways trend by the end of Wednesday, the last trading session this week, as Thursday is an official holiday in celebration of National Police Day and the 25 January Revolution, analysts told Mubasher.