Cairo - Mubasher: The Egyptian Exchange (EGX) saw a negative performance during the week that ended on 24 January, due to the excessive selling by Arab and local investors.
Given that the EGX would suspend trades on Thursday, 25 January in celebration of National Police Day and 25 January Revolution.
The main index EGX30 declined by 1.56% or 240.27 points, recording its highest weekly losses since last December, as it closed at the level of 15,170 points.
The benchmark index has a total traded volume of 827.9 million shares, with a total turnover of EGP 2.9 billion.
The market capital decreased by EGP 11 billion, closing at EGP 850.7 billion.
EGX70 went down 0.95% to 864.97, while the broader index lost 1% and ended the week at 2,016 points.
The equal-weighted index EGX50 also fell 1.24% to the level of 2,710 points.
Foreign investors have inclined towards buying with a net EGP 1.2 billion, on the contrary, Egyptian and Arab investors were net sellers at EGP 1.1 billion and EGP 113 million, respectively.
Profit-taking movement continued across the week, as the main index approached the support level of 15,000 points, according to financial analyst Saed El-Fekky.
Investors are anticipating the next meeting of the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) and its decision on interest rates, which led to worries among traders as the CBE is expected to lower interest rates, after five hikes last year, he added.
EGX30 will target the level of 15,300 points, and then resistance level at 15,500 points, El-Fekky indicated.
