Cairo – Mubasher: The Egyptian Exchange indices closed on negative note on Sunday, erasing their early gains, on selling pressures by local and Arab institutions.
The benchmark index EGX30 went down to the level of 6,634 points.
The market capitalisation gained EGP 1.53 billion ($195.4 million) reaching EGP 413.09 billion.
“The market opened on positive note on Sunday, continuing with the positive performance of the previous sessions, to hit the resistance level of 6,630 points,” said Waleed Hilal, deputy director at Egyptian Group for Securities.
Investors started profit taking, especially over leading stocks, as the benchmark hit the level of 6,630 points, added the analyst.
“The benchmark is adopting positive performance, as long as it keeps its movement above the support level of 6,500 points”, said Hilal.
The small and mid-caps index EGX70 inched down 0.08% to 354.18 points, while the equal weighted index EGX50 went down 0.44% to 1,222.41 points.
Similarly, the broader index EGX100 edged down 0.19% to 733.74 points.
The market total trading value amounted to EGP 483 million, with 238 million shares changing hands.
Out of 165 stocks traded today, decliners outnumbered advancers by 90 to 46, while 29 others remained unchanged.
Local and foreign investors came as net buyers with EGP 847,800 and EGP 12.6 million respectively, while Arab investors came as net sellers with EGP 13.4 million.
Institutions came as net sellers, except for foreign ones, while retail investors came as net buyers.
The banking sector accounted for 27% of the market capitalisation with EGP 82.9 billion, followed by the real estate sector with 15.4% or EGP 47.2 billion, while the telecom sector came in the third place with 13.5% or EGP 41.3 billion.
