Cairo – Mubasher: The Egyptian Exchange finished Monday’s trading session on a lower note in contrary to all positive atmospheres created by King Salman’s visit.
The benchmark shed 0.83%, or 61.3 points, to settle at 7,342.46 points, although CIB, the largest EGX30 constituent, closed 0.82% higher.
But most blue-chip stocks saw a slide ranging from 3.6% to 6.57%, including SODCI at the top, then Juhayna, Ezz Steal, Global Telecom, Amer Group, Arab Cotton Ginning, Pioneers, Palm Hills, Talaat Moustafa Group, Heliopolis for Housing and Development, and finally EFG-Hermes.
Sameh Gharib, head of technical research, Roots Stock Brokerage House, said the main gauge moved below the mark of 7,360, over which EGX30 has always hovered through the current correction movement.
The main index may, if pushed below of 7,360 points, get into a deeper correction movement toward the mark of 7100 and then to 6800, Gharib said, pointing out that EGX30 will not, as per this scenario, shoot above 7,360 anew currently.
The total market value lost EGP2.7 billion ($305.3 million), closing at EGP400.3 billion against EGP403 billion on Sunday.
Nationals and Arab investors were net sellers by EGP86.3 million and EGP2.5 million correspondingly, while foreign investors were net buyers by EGP88.8 million.
The small and mid-cap index EGX70 fell 0.41% to 361.23 points. The broader index EGX100 closed 0.53% lower to 772.80 points. The equal-weighted index EGX50 slipped 0.35% to 1,404.04 points
Trading value reached EGP615.2 million. In addition, the bourse saw 96 stocks move down, 39 ones rise, and 44 stay at their previous levels.
