Mid-session report: EGX loses 1.8B EGP amid continued profit taking
The Egyptian stock exchange - AFP/Khaled Desouki
By YASMINE SAMRA

CAIRO: The Egyptian Exchange indexes collectively declined during Tuesday’s mid-session, and market capitalization lost 1.8 billion EGP (U.S. $ 257.1 million), amid continued selling pressures from Egyptian and Arab investors.

The benchmark index EGX30 dropped 0.28 percent to hit 8,142 points, compared to 8,165 points on Sunday. The small and mid-cap index EGX70 also fell 0.7 percent to close at 602 points, and the broader EGX100 index also edged down 0.62 percent to reach 1,054 points.

Market capitalization lost roughly 1.8 billion EGP, reaching 474.5 billion EGP, compared to 476.3 billion EGP on Monday.

Technical analysis advisor at Pioneers Holding Hossam Helmy attributed EGX30’s decline to selling pressures on the blue chips, namely the telecom sector topped by OTMT, and the real estate stocks headed by Palm Hills, while the bellwether CIB moved in sideways.

“EXG is normally moving in sideways with a downward tendency due to profit taking after EGX30 managed to penetrate 8,100 points for  a fourth session in a row, testing a new resistance level at 8,400 points,” Helmy told The Cairo Post.

Egyptians and Arabs’ net sell-offs recorded 38.5 million EGP and 1.2 million EGP respectively, while foreigners’ net purchases registered 39.7 million EGP on Tuesday.

On Monday, EGX indexes collectively declined, and market capitalization lost 3.4 billion EGP (U.S. $485.7 million), amid selling pressures from Egyptian and Arab investors, namely on blue chips topped by telecom and real estate’s stocks.

EGX30 fell 0.99 percent to end at 8,165 points, compared to 8,247 points on Sunday. EGX70 also lost 0.78 percent to close at 606 points, and the broader EGX100 index also dropped 0.63 percent to reach 1,060 points.

 

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