Cairo – Mubasher: Egypt's stock market indices were down in 2015, while equities lost more than EGP 70.2 billion ($8.97 billion) of their value.
In 2015, the main index, or EGX30, shed 21.5% or 1,920.57 points to close at 7,006.01, down from 8,926.58 points at 2014-end.
Despite the rise of the main gauge in the last session this year, it saw a steep decline in 2014, as it opened the year at 8,926 points and ended at 7,006 points, said Sameh Gharib, head of technical analysis at Roots Securities.
The index soared to 10,066 mark in February – the highest level since mid-2008 – then drifted lower to 6,300 points, according to the analyst.
Gharib pointed out that the index trend is downwards in the medium term, expecting the downtrend to be reversed in 2016.
He also forecasted banking stocks to move higher this year, especially Commercial International Bank. He also expected the financial services and real estate sectors to show positive performance.
EGX70, which measures small and mid-cap stocks, fell by 33% or 186.74 points during the year to reach 378.69 points, compared with 565.43 points at the end of 2014.
The broader index EGX100 ended 27.5% or 299.89 points lower at 790.57 points, while the equal weighted index EGX50 dropped by 33.27% or 598.51 points to 1,200.54 points.
