Mid-session: EGX loses 700 million EGP over blue chip sales
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) indexes showed a mixed performance during Sunday’s early and mid-session trading, hammered by selling pressures on some blue chips topped by the largest weighting on the gauge CIB stock.

The benchmark index EGX30 dropped 0.68 percent to hit at 8,282 points, lower than Thursday’s close at 8,340 points. In turn, the small and mid-cap index EGX70 slightly added 0.11 percent to hit 590 points while the broader index EGX100 fell 0.06 percent to reach 1,036 points.

Market capitalization lost around 700 million EGP, registering 480 billion EGP, compared to 480.7 billion EGP Thursday. Turnover amounted to318.9 million EGP.

technical analyst at El-Mokattam Securities Brokerage and member of the Egyptian Society of Technical Analysts (ESTA) Walid Helal attributed the decline to selling pressures on leading shares topped CIB, Beltone Holding.

“Completing corporations’ financial results for Fiscal Year 2013-2014 which coincided with the escalated violent insurgency in Iraq while Ramadan approaches triggered intensive sell-offs,” Helal told The Cairo Post.

“The benchmark is expected to be heading down toward 8,100-8,150 points after breaching its stop-loss level of 8,500 points,” Technical Analysis Desk at Naeem Brokerage head Ibrahim El-Nemr said.

He said that a breach below 8,100 may drag it lower toward 7,720 points.

Last week, EGX indexes lost ground and market capitalization shed more than 15 billion EGP ($2.1 billion) following the swearing-in of the new Cabinet. EGX30 plunged 4.64 percent to end the week at 8,340 points, down from 8,746 points last week.

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