By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s session on a mixed note amid foreign selling.
The benchmark EGX30 index fell 0.76% or 107.85 points to the level of 14,025 points.
The heavyweight Commercial International Bank (CIB) dropped 2.48% to EGP 74.01 with a turnover of EGP 94.8 million.
The CIB broke support below EGP 74.8, and may have support at EGP 72 on Thursday’s session, market analyst at Pioneers Holding Mohamed Gaballah told Mubasher.
The EGX30 index is moving upward to 13,950 points, Gaballah highlighted, adding that the index has resistance at 14,200 points and targets 14,600 points.
Market capitalisation closed at EGP 775.5 billion, losing EGP 3.1 billion.
The EGX70 index inched up 0.04% to 768.33 points, while the EGX100 index slipped 0.05% to 1,745.64 points.
The EGX70 will see a sideways performance over the coming period as blue chips attract high levels of liquidity, the analyst noted.
The equal-weighted EGX50 index tumbled 0.09% to 2,468 points.
Trading volume stood at 277.6 million shares exchanged at a turnover of EGP 1.1 million through 27,090 transactions.
Foreign investors were net sellers with EGP 188.08 million, while Egyptian and Arab investors were net buyers with EGP 137.19 million and EGP 50.88 million, respectively.
Blue chips including Egyptian Iron and Steel (HADISOLB), Emaar Misr, and Ezz Steel dropped 3.85%, 3.63%, and 3.53%, respectively.
On the other hand, AMOC, Elsewedy Electric, and Citadel Capital levelled up 2.81%, 1.64%, and 1.41%, respectively.
Translated by: Mai Ezz El-Din
