CAIRO: The Egyptian Exchange (EGX) shut on a negative note Sunday, battered by selling pressures triggered from Friday’s terrorist attacks in the Sinai which killed 31 border soldiers and injured 31.
The benchmark index EGX30 failed to maintain its morning gains, ending 0.25 percent down, registering 8,775 points, down from 8,797 points Thursday. The small and mid-cap index EGX70 fell by 0.89 percent, reaching 587 points compared to 592.4 points in the last session, and the broader index EGX100 also lost 0.74 percent to register 1,069 points.
Market capitalization shed around 688 million EGP ($96.2 million,) totaling 495.35 billion EGP compared to 496 billion EGP Thursday.
During Sunday’s trading, 114 stocks dropped, 41 went up and 20 remained stagnant.
“The market slipped over domestic sell-offs following the terrorist attacks on the border military personnel in Sinai,” Capital Securities Brokerage technical analysis head Noha Raheel said Sunday.
The market had showed a positive performance last week as the benchmark index breached above 8,800 points with buyer power, but the last session of the week closed below 8,800 points, Raheel told The Cairo Post.
She added that the EGX30 index is expected to advance toward 9,000 points as a target in the short term. “Traders are advised to take profit, respect the stop loss and watch the market for an entry point.”