EGX sinks on Arab, foreign sell-offs, benchmark down 2.1%
Egyptian Exchange - YOUM7

CAIRO: The Egyptian Exchange (EGX) continued its losing streak at the close of Wednesday’s session, hammered by an investor bearish sentiment among Arab and foreign traders.

Market capitalization lost around 8.5 billion EGP ($1.08 billion,) totaling 447.6 billion EGP, down from 456.1 billion EGP on Tuesday.

The benchmark index EGX30 slipped 2.13 percent to end at 7,241 points, down from 7,398 points on Tuesday.

CIB, the market bellwether, plunged 3.16 percent to close at 48.36 EGP per share, down from 49.94 EGP per share.

“The EGX30 failed to hold above the support level of 7,525 points and sagged to the vicinity of 7,350 points,” Ibrahim El-Nemr, Technical Analysis Desk head at Naeem Brokerage told The Cairo Post.

“A penetration below 7,350 points may send it lower to 7,100 points,” he predicted, advising traders to sell the rally.

Similarly, the small and mid-cap index EGX70 fell 1.26 percent to end at 412.8 points, compared to 418 points in the last session.

The broader index EGX100 also dipped 1.65 percent to close at 865.36 points, after 879.9 points on Tuesday.

The EGX rode a sharp slip since Thursday after Egypt froze the assets of the chairman of Juhayna Food Industries on alleged ties to the Muslim Brotherhood (MB.)

The decision excluded the assets of Juhayna, as it is a joint stock company, according to the head of the committee formed to seize and manage the assets of the MB.

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