Cairo-Mubasher: The Egyptian Exchange's (EGX) indices showed varied performance this week, with EGX30 falling 2.5% or 144.35 points to 5,713.35, compared with 5,857.7 a week earlier.
Sameh Gharib, head of technical research at Roots Securities, said the benchmark swung between gains and loses this week, adding that as long as the index trades above its new support of 5,526 points, the correction wave will continue, with the gauge retargeting 6132 or 6300.
If the benchmark breaks the 5,526 level downward, it will keep falling to reach 5,150, Gharib said, adding that the index is moving in a downtrend in the medium and short term.
Market capitalisation lost EGP 3.5 billion ($446.2 million) to EGP 380.53 billion, compared with EGP 384.03 billion in the previous week, pressured by foreign and Arab selloffs.
EGX70 rose 2.3% or 7.72 points to close out the week at 344.13.
Gharib said as long as EGX70 moves up above 323 points, the correction wave will continue, with the index re-targeting 354 and then 362. He added that the index is also moving in a downtrend in the medium and short term.
EGX100 also slipped 0.37% to 692.03, while EGX50 rose 1.2% or 12.12 points to 1,042.37.
Translated by Abdul Maguid Aboshahla
