CAIRO: The Egyptian Exchange (EGX) extended its bearish performance this week, and its market capitalization shed around 10.06 billion EGP ($1.27 billion,) shrugging off the New Suez Canal’s official opening on August 6.
The benchmark index EGX30 plunged 2.89 percent to end the week at 7,880 points, compared to 8,114 points a week earlier.
Also, the small and mid-cap index EGX70 slid 3.29 percent to close the week at 441points, down from 456.2 points in the previous week.
The broader index EGX100 also retreated 2.38 percent to close at 921points, compared to 943.8 points in the previous week.
Total turnover amounted to 3.7 billion EGP, 738 million securities traded over 92,000 transactions, compared to 4.2 billion EGP and 829 million securities traded over 93,000 transactions a week earlier.
“The benchmark is projected to focus on its support level near 7,850 points, which may hinder its downward wave on the short-term,” said Ehab Saeed, Osool Securities Brokerage technical analysis head.
Saeed also expected the small and mid-cap index to target its former support near 440 points. “A confirmed breach above of the said level may stop further slips,” he predicted.
Egypt’s stocks lost ground last week, and its market capitalization shed around 2.4 billion ($306.68 million) on Arab sell-offs.