EGX sheds 1.5B EGP amid selling pressures
Egyptian stock exchange - YOUM7 (Archive)
By YASMINE SAMRA

Cairo: The Egyptian Exchange (EGX) ended on a collective decline Thursday after trimming morning losses triggered by selling pressures from local institutions and Arab retail traders.

The benchmark index EGX30 lost 0.45 percent to hit 8,457 points, down from 8,495 points Wednesday.

The small and mid-cap index EGX70 dropped 0.55 percent to hit 606 points and the broader index EGX 100 also fell 0.15 percent to reach 1,070 points.

Market capitalization shed around 1.5 billion EGP ($209.7 million), registering 487.5 billion EGP down from 489 billion EGP yesterday. Total trade value surged to 1.6 billion EGP.

Ibrahim El-Nemr, head of the Technical Analysis Desk at Naeem Brokerage told The Cairo Post the benchmark reached near the resistance level of 8,500 points.

“A breach above 8,500 may send it higher towards 8,800 points,” Nemr said.

Meanwhile, Ehab Saeed, the head of technical analysis at Osool Securities Brokerage said he expects the benchmark will resume its medium-term sideways performance, reiterating his positive outlook for EGX on the long-term.

On Wednesday’s trading session, the indexes ended in the green with minor profit taking by the end of the session. The EGX30 rose 0.79 percent to hit 8,495 point and market capitalization added around 2.2 billion EGP.

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