Cairo – Mubasher: EGX indices collectively saw a slide during the first week of May 2016.
On marking the Labor Day and Easter, EGX closed on last Sunday and Monday and resumed its activity on Tuesday.
The benchmark dove 2.9%, or 225.74 points, to stand at 7547.49 points compared to 7,773.23 points registered a week earlier.
Market capitalization lost around EGP6.3 billion ($55.8 million) to reach EGP407 billion against EGP413.3 billion recorded in the previous week.
Accordingly, the main index failed to keep running bullish and to break the 8,000 resistance area, namely the mark of 7,993 points, said Ehab Said, head of technical research at Mubasher.
Most blue-chip stocks also reversed the upturn. The heaviest EGX30 stock, CIB, was, after nearing its record quote at EGP47, or EGP46.70 in a particular, dragged lower to EGP43.50 by the end of this week, Said added.
The small and mid-cap index EGX70 declined by 1.7% weak-over-weak to 368 points from 374.32 points.
Thus, EGX70 could not maintain the upward tempo, slipping to 364 points from 386 points last week, the analyst said.
The broader index suffered the loss of 12.14 points, or 1.53%, to end the week at the mark of 777.85 points versus the mark of 789.99 in the last week of April.
Further, the equal-weighted index EGX50 was 2.5% lower to 1,406.97 points from 1,444.31 points.
Next week, the main gauge is likely to refocus on the 7750-7700 area, while the small and mid-cap is to text the resistance mark of 375 points.
Translated by Ahmed El-Sayed Ali
