Cairo – Mubasher: The main index of Egypt’s stock market fell by 2.58% or 171.06 points on Tuesday to close below the 6,500 mark at 6,463.92 points.
Market capitalisation lost around EGP 5.7 billion ($730 million) to close at EGP 411.13 billion, down from EGP 416.85 billion on Monday.
The main gauge continued today its bearish trend, especially after it broke below the 6,700 level on Monday, said Ahmed Thabet, technical analyst at Tycoon Securities.
However, the 6,400-6,350 area is still able to stop the bleeding, even temporarily, so the index rebounds to 6,700 level; a point at which short-term speculators should reduce their positions, he added.
Shares of CIB, EFG-Hermes, Palm Hills, OTMT, Orascom Construction, TMG, Global Telecom, Qalaa, Porto Group and Emaar Misr fell by percentages ranging from 2% to 7%.
EGX70, which measures small-and-mid-cap stocks, inched lower by 0.56% to 372.34 points, the broader index EGX100 shed 0.87% to 757.8 points and the equal-weighted index EGX50 lost 1.53% to 1,141.18 points.
According to the analyst, EGX70 performance is relatively better than that of the main index, as it steadied above the 368-365 area today, from which it may rebound towards 385 points.
