Cairo - Mubasher: The Egyptian Exchange (EGX) saw a negative performance in the last week of June, ending on Thursday amidst great anticipation to the central bank decision regarding interest rates.
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided on Thursday to maintain interest levels at their current levels.
Market analysts expect the recent economic reform by the Egyptian government to cause yet another hike in inflation rates by up to 5%, which drove the CBE to keep interest rates, despite its commitment to easing its policy in order to reach normal pre-currency flotation levels.
The main index EGX30 lost 1.04% in the week that ended on 28 June, as it closed at the level of 16,176.41 points, with trading volumes reaching 601.9 million shares and a total turnover of EGP 2.8 billion.
Analyst Samih Gharib told Mubasher that resistance levels for the benchmark index are now between 16,570 to 16,800 points, while support is near 16,140 points.
Meanwhile, the small and medium-sized enterprises index EGX70 went down 1.8% to 796.75 points, while the broader EGX100 lost 1.37% and closed at the level of 2,034 points.
The equal-weighted index EGX50 dropped 2.15% to settle at the level of 2,714 points.
The market capital reached the level of EGP 910.8 billion by the end of the week, losing EGP 3.9 billion compared to its level the week before.
