CAIRO: The Egyptian Exchange (EGX) plummeted during Thursday’s early and mid-session trading, and market capitalization lost around 6.6 billion EGP ($922.75 million,) hurt by selling pressures for three consecutive sessions.
The benchmark index EGX30 fell by 1.47 percent to hit 9,446 points, compared to 9,578 points Wednesday. The small and mid-cap index EGX70 dropped 3.19 percent, registering 604 points, down from 624 points last session and the broader index EGX100 also decreased by 2.55 percent to reach 1,109 points.
Market capitalization slipped to 514.5 billion EGP, compared to 521.1 billion EGP in its last session.
“The market extended its selling spree during today’s session, confirming its intention to ride a corrective wave after reaching the 9,750 peak,” El-Mokattam Securities Brokerage technical analyst Walid Helal told The Cairo Post.
Helal said local sell-offs were behind the sharp decline, while Arab and foreign traders tended to purchase.
“After this dark red, we expect that the bulls will appear slightly, leading many stocks to rebound from their sharp plunge for three sessions in a row, shedding their profits in almost a month,” Helal added.
He continued, “The heavyweight CIB stock sustained its level, preventing the market from a possible collapse.” Also, the ginning sector rebounded while real estate and contracting sectors started to recover, the analyst detailed.