Cairo – Mubasher: The downside trend has overshadowed the Egyptian Exchange (EGX) performance through the previous week as the market capitalization lost EGP 5.5bn on selling pressures by local and foreign investors.
The benchmark index EGX30 slide 0.82% or 65.31 points to close at 7,913.94 points.
“The benchmark is still moving near the major support level of 7,900 points,” said Sameh Ghareib, Head of research department at Roots stock brokerage house.
“The benchmark will adopt a down side trend if it break below the level of 7,900 points, where it will target the levels of 7,650 and 7,700 points,” added Ghareib.
The market will continue moving between the resistance level of 8,300 points and the support level of 7,900 points as long as the benchmark maintains its position above 7,900 points, noted the analyst.
The small and medium caps index EGX70 slipped 10.89 points through this week to close at 345.67 points, while the broader index EGX100 eased 2.46% to close at 788.73 points.
The market capitalization lost EGP 5.5 billion during this week trading to stand at EGP 407.2 billion.
Local and foreign investors were net sellers with EGP 39 million and EGP 89.1 million respectively, while Arab investors were net buyers with EGP 128.1 million.
