CAIRO: The Egyptian Exchange (EGX) lost ground at the close of Monday’s session hurt by local traders’ sell-offs while Arab and foreign investors mostly purchased.
The benchmark index EGX30 dropped 1.17 percent, registering 9,122 points, down from 9,230 points Sunday. The small and mid-cap EGX70 lost 0.48 percent, recording 628 points compared to 631 points in the last session , and the broader index EGX100 fell by 0.75 percent to register 1,122 points.
Market capitalization gained around 2.2 billion EGP ($307.58 million,) totaling 540.1 billion EGP compared to 537.9 billion EGP Sunday.
Despite the collective decline at the end of today’s session, Walid Helal, a technical analyst at El-Mokattam Securities Brokerage, said the market performance was not as negative as the benchmark index, namely the speculative stocks listed on the EGX70.
Helal told The Cairo Post that several small and mid-caps ended in the green, notably the tourism and agriculture shares.
“The benchmark extended its losing spree and fell toward 9,120 points, dragging the EGX70 to approach its support level of 627 points. The bulls are expected to emerge around these levels to end a short-term downward wave,” Helal added.
He predicted the market would rebound in the next session after a slight slip at open.