CAIRO: The Egyptian Exchange (EGX) opened on a negative note Monday, after suspending the session for 1 minute, mourning Egypt’s victims killed by the Libyan branch of the Islamic State group Sunday evening.
The group released a video showing the beheading of 21 Egyptian Coptic Christians who were kidnapped by them in early January.
“EGX decided to delay the beginning of the trading session 1 minute on Monday, Feb. 16, 2015 to start at 10:01 am, mourning Egypt’s innocent victims. EGX offers its sincere condolences to the families of the innocent victims and for all Egyptians,” the EGX posted on its website.
“The benchmark index EGX30 lost 0.49 percent, registering 9,737 points, compared to 9,785 Sunday. Also, the small and mid-cap index EGX70 fell by 0.65 percent to hit 596 points, down from 599.7 points in its last session. The broader index EGX100 decreased by 0.56 percent, recording 1,169 points.
Market capitalization slipped to 531.3 billion EGP, compared to 532.9 billion EGP Sunday.
Chief technical analyst at Helwan Securities, Ahmed Abdel Rahman, said the benchmark is expected to extend its slip and breach below the support level of 9,770 points.
“Traders are recommended to stop their losses near 9,770 points,” said the analyst, noting that the benchmark is targeting 9,500 points in a short-term correction wave.