Cairo – Mubasher: The Egyptian Exchange (EGX) opened initiated the mid-week trading session on a lower note due a selling wave by Arab and foreign investors.

The benchmark index lost 42 points, or 0.51%, to settle at 8,200 points by 10:40am Cairo local time.

The small and mid-cap index EGX70 was lower 0.14% to 335.9 points.

The broader index EGX100 and the equal-weighted index EGX50 declined by 0.32$ and1.3% respectively.  

Trading value reached EGP 65 million after 29.3 million shares were traded.

Foreign and Arab investors were net sellers by EGP 45.2 million and EGP 43.8 million, while Egyptians were net buyers by EGP 89 million.

Ayman Fouda, head of capital market committee at the African Economic, said profit-taking is likely to continue in the mid-week trading session until traders start focusing on blue-chip stocks that will likely push the bourse to test previous resistances.

The main index (EGX) is facing resistance at 8,315-450 area, while having support at 8,150-080 zone, the analyst added.