By Ahmed Allam
Cairo – Mubasher: The Egyptian Exchange indices were collectively down in November, while market capitalisation lost around EGP 40.1 billion ($5.1 billion), pressured by foreign sell-offs.
The main index, or EGX30, fell by 15.33% - the biggest monthly decline in three years – with a loss of 1151.24 points to close at 6,302.19 points, compared with 7,507.89 points at the end of October.
The market performance this month was the weakest long period a go, amid several negative news and continued losses coupled with thin liquidity, said Ahmed Thabet, technical analyst.
He added that, despite such a decline and continued drain of liquidity, the exchange will likely consolidate in December.
The 6,100 level is expected to halt the losing run, said Thabet, adding that EGX30 would not shoot above the 6,800 mark due to selling powers that emerge at such a level and cause the market to move sideways between 6,100 points and 6,800 points.
The equal-weighted index EGX50 fell by 15.47% or 197.73 points to close at 1,080.21points. EGX70, which measures small and mid-cap stocks, also went down by 13.4% or 53.32 points to 397.80 points and the broader index EGX100 was off 13.66% or 116.41 points to 735.94 points.
Market capitalisation recorded EGP 413 billion, down from EGP 453.1 billion at October-end.
During November, foreign traders were net sellers, while national and Arab investors were net buyers.
Translated by Sayed Abdel Rahman
