Cairo – Mubasher: The Egyptian Exchange (EGX) indices declined collectively on Monday, as the benchmark index EGX30 inched down 0.15% or 9.08 points to close at 6,146.93 points amid sales activity by foreign investors.
The small and mid-caps index EGX50 inched down 0.52% to 351.05 points.
The broader index EGX100 eased 0.44% to 723.05 points, while the equal weighted index EGX50 edged down 0.03% to 1,149.5 points.
The benchmark went down to the support level of 6,150 points, after it tested the resistance level of 6,186 points, said Hoda EL Shenawy, head of technical analysis at Egypt Group Securities.
The main gauge will gain support at the levels of 6,009, 6,122 and 6,134 points, while it will face resistance at the levels of 6,186 and 6,261 points, added EL Shenawy.
The benchmark adopts sideways movement on the short run, where we recognize its movement near the support level of 6,200 points, said Mohamed Ismail technical analyst at Golden Hand Securities.
The benchmark is not expected to move above the level of 6,200, added Ismail.
“Investors are advised to reduce their market positions and await buying signals near the support levels of 5,850 and 6,050 points,” stated the analyst.
The leading stocks of Orascom Telecom and Commercial International Bank, erased their early gains, as they declined 1.72% and 0.33% respectively.
The market capitalisation gained nearly EGP 340.6 million ($43.5 million), reaching EGP 393.09 billion.
The market’s total trading value reached EGP 518.5 million.
Out of 211 million stocks traded today, decliners outnumbered advancers by 85 to 48, while 27 stocks remained unchanged.
Foreign investors came as net sellers with EGP 17.2 million, while local and Arab investors came as net buyers with EGP 1.2 million and EGP 16 million.
