By: Mahmoud Salah El-Din
Cairo-Mubasher: The indexes of Egyptian Stock Exchange (EGX) saw a bullish performance this week, weighed down by selling pressures from foreign investors.
The benchmark EGX30 fell 2.2% or 185.7 points this week to reach 8,131.49 points.
The EGX70 index retreated 0.61% or 2.23 points to reach 362.9 points. Likewise, the EGX100 slid 0.03% to 811 points.
The heavyweight stock of Egypt’s Commercial International Bank (CIB) declined 2.97% to reach EGP 49 this week.
The market capitalisation declined by EGP 4.4 billion to reach EGP 412.3 billion this week. The EGX30 index’s closure below 8,180 points is a negative signal, according to Sameh Gharib, head of technical research at Roots Securities Brokerage.
Currently, 7,900 will be a crucial support for the EGX30 index, he said, adding that a break below such level will lead the index to fluctuate between such support and its resistance at 8,500 points.
The EGX70 index is expected to move between 357 and 369 points, Gharib noted.
Foreign investors were net sellers with EGP 122.2 million, while Egyptian and Arab traders were net buyers with EGP 84.9 million and EGP 46.6 million respectively.
