EGX dips over selling pressures following militant attacks
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) shut on a negative note hurt by deadly North Sinai militant attacks that killed at least 30 military personnel, police and civilians in four separate attacks Thursday.

The EGX decided to delay the trading session for one minute Sunday, opening at exactly 10.01 a.m. to mourn those killed.

The benchmark index EGX30 fell by 0.64 percent, registering 9,779 points, compared to 9,843 Thursday. Also, the small and mid-cap index EGX70 lost 0.45 percent to hit 573.9 points, down from 576.5 points in the last session and the broader index EGX100 decreased by 0.53 points, recording 1,139 points.

Market capitalization added around 5 billion EGP ($658.74 million,) edging toward 531.7 billion EGP, compared to 526.7 billion EGP Thursday.

Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities, said the benchmark breached below the support area of (9,830-9,800) points due to the selling pressure that happened from profit takers.

“A confirmed penetration of this support level  could drag the benchmark towards the support level of 9,580 points where the index may sustain in the  coming few sessions,” Gamal told The Cairo Post.

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