EGX ends Sunday in red for 2nd session leaving 17,000 levels

CAIRO – 25 March 2018: The Egyptian Exchange (EGX) ended Sunday in red for the second consecutive session, amid Egyptian and Arab selling.

The benchmark EGX30 declined 0.47 percent, or 79.89 points, to end at 16,984.69 points.

Mubasher Trade Company said in a Sunday report that EGX30 is still testing around the minor support of 17,100-17,000 points with expectations to close at below-average volume.

The report said that the levels 17,300-17,500 are the closest the index has rebounded from the current levels.

The equally weighted index EGX50 slipped 0.39 percent, or 11.35 points, to reach 2866.42 points.

The small and mid-cap index EGX70 went down 0.51 percent, or 4.49 points, ending at 873.77 points, and The broader index EGX100 edged down 1 percent, or 22.45 points, to close at 2229.16 points.

Market capitalization lost LE 1.13 billion, recording LE 962.5 billion ($54.5 billion), compared to LE 963.65 billion in Thursday’s session.

The trading volume reached 452.01 million shares traded through 26,457 transactions with a turnover of LE 1.39 billion.

The report added that the weak volumes are a good sign however; the index might decline towards 16,800 in case it could not hold above the minor supports.

Egyptian and Arab investors were net sellers at LE 15.8 million and LE 364.18 million, respectively, while foreign investors were net buyers at LE 379.99 million.

Arab and foreign individuals were net buyers at LE 2.63 million and LE 7.96 million, respectively, while Egyptian individuals were net sellers at LE 19.29 million.

Arab and foreign organizations sold at LE 366.8 million and LE 372.03 million, respectively, while Egyptian organizations bought at LE 3.48 million.

El Obour Real Estate Investment, Northern Upper Egypt Development & Agricultural Production, and Ismailia Development and Real Estate Co were top gainers of the session by 7.99 percent, 7.26 percent, and 6.49 percent, respectively.

While Egyptian International Tourism Projects, Sinai Cement, and Arab Valves Company were top losers of the session by 39.05 percent, 7.08 percent, and 6.21 percent, respectively.

EGX ended Thursday in red as EGX30 declined 0.48 percent, EGX50 rose 0.41 percent, while EGX70 went down 0.29 and EGX100 decreased 0.43 percent.