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EGX rebounds from early slide backed by foreign institutions

EGX rebounds from early slide backed by foreign institutions
Indices of the Egyptian Exchange (EGX) ended Monday’s session on a mixed note. The benchmark index EGX30 saw jittery performance, ending the session slightly higher by 0.10% or 9.51 points to 9728.08 points, amid strong buying by foreign institutions.
The small and mid-cap index EGX70 went down 0.69% to 623.6 points, while the broader index EGX100 ended 0.45% lower at 1143.14 points.
Market capitalization lost around EGP 470 million to reach EGP 524.740 billion, compared with EGP 525.210 billion on Sunday.
Osama Naguib, head of technical analysis, Arab Finance, said the benchmark index continued to attempt to cross the key resistance level of 9800 points but is still unable to shoot above such a barrier due to lower traded volumes.
Leading stocks continue to target new price levels after the recent slumps, the analyst told Mubasher.
The benchmark index is expected to cross the 9800 level higher if traded volume strengthens, Naguib said, adding that the 9550-9600 area will hinder any declines.
Turnover amounted to nearly EGP 641.8 million, while traded volume reached 112.5 million shares and number of transactions reached 20.8 thousand.
National and Arab traders were net sellers by EGP 11.4 million and EGP 20 million respectively, while foreign traders were net buyers by EGP 31.4 million.
Retail traders accounted for 66.4% of total trading, with a selling tendency, while institutions made up the remaining 33.6%, with foreigners heading for buying and local and Arab institutions heading for selling.