EGX market watch: EGX30 up by 0.08% amid expectations of recovery
Egyptian Exchange - AFP/Marco Longari
By THE CAIRO POST

CAIRO: The Egyptian Exchange’s indexes closed Monday on a low, influenced by Egyptian and foreign investors’ net sales on the lead shares, while Arab investors mostly purchased, losing about 4.3 billion EGP in trading sessions, according to the EGX home page.

During Monday trading sessions, the Egyptian and foreign investors’ net sales edged higher to 3.8billion EGP and 97,000 EGP respectively, while Arab Investors’ net purchases were valued at 3.7 million EGP.

EGX’s capital edged down by 4.3 billion EGP by the end of Monday’s sessions to close at 449.3 billion EGP compared to 453.6 billion EGP during Sunday trading.

The benchmark EGX30 edged slightly higher by 0.08 percent during Monday sessions to close at 7,391 points, the EGX70 index for small and mid-cap enterprises dropped by 0.75 percent to close at 556.7 points while the broader EGX100 edged down by 0.54 percent to value at 979.4 points by the end of the sessions.

As for shares, the International Company for Investment and Development topped the gainers with a 9.9 percent increase to value at 27.9 EGP followed by Al-Mansoura Poultry by a 8.3 percent increase to hit 21.6 EGP, it said.

Meanwhile the Mobinil share topped the list of losing companies with a 9.4 percent loss, to score 109.6 EGP per share followed by Suez Canal Company for Technology Settling by 6.17 percent decline valuing 13 EGP, it said.

Head of technical analysis at Osool ESB for securities’ brokerage Ihab el-Saeed said the Arab investors’ later purchases helped the EGX’s indexes to decrease its morning losses, promoting the EGX30 main index to gain 5.99 points after it had lost about 137 point the morning sessions.

The EGX transactions Monday were reversible transactions, where the EGX’s indexes started its day in collective decline and closed at semi-increase, supported by Arab investors’ net purchases, valued at 3.7million EGP, Saeed told The Cairo Post.

The positive reversible transactions are considered a sign of recovery in transactions after the harsh decline for 4-5 consecutive days, he said ,expecting that the EGX will go up tomorrow toward the resistance level at about 765 point, he said.

The Egyptian Stock Exchange’s head Mohammed Omran held Monday an urgent meeting with the investment funds’ representatives, the financial portfolios’ directors, along with the EGX’s investors, to discuss the harsh decline of indexes.

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