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Egypt bourse loses EGP12bn; benchmark slips 1.3%

Egypt bourse loses EGP12bn; benchmark slips 1.3%
The Egyptian Exchange (EGX) indices shut on a down note on Monday, while market capitalization shed nearly EGP 12 billion as profit taking weighed.
The benchmark index EGX30 fell 1.27% or 117.51 points to close at 9156.68 points, while the small and mid-cap index EGX70 went down 2.21% or 14.15 points to 625.41 points and the broader index EGX100 sagged 1.61% to 1129.2 points.
The stock market saw a hugely negative session, as the benchmark lost 117 points to end at 9156 near secondary support level of 9120 from which it rebounded earlier, said Ahmed Thabet, head of technical analysis, Naeem Brokerage.
Such a bearish performance was expected, as the index failed to cross the 9300-9330 area, while some political developments led to triggering sell-offs at above-average traded value and volume that did not came in line with the strong slump, which is very negative, according to the analyst.
Thabet indicated that the 9030-9020 may help the market rebound and re-test 9200 points, at which traders should reduce their positions. He also said speculators should stop loss at such a level, as breaking the 9000 level may push the index further lower to 8800 in the short term.
According to the analyst, the EGX70 also closed at secondary support level, which is negative and speculators would be cautious, as closing below 615 may drive he index to re-test 595 in the short term. Thus, positions should be reduced upon re-testing 935 level.
Market capitalization decreased approx. EGP 12 billion to reach EGP 513.327 billion.
Turnover amounted to nearly EGP 612.3 million, generated from exchanging 179.3 million shares in 26 thousand transactions.
Arab traders were net sellers by EGP 36.7 million, while national and foreign traders were net buyers by EGP 9.7 million and EGP 27 million respectively.
Retail traders accounted to 51.97% of total trading, with Arabs heading for selling, while institutions made up the remaining 48.02% with nationals and Arabs heading for selling.
Tracking stock performance, OTMT was the most active in terms of traded value and volume, after more than 61.3 million shares were exchanged in 1248 transactions at above EGP 77.4 million. The stock drifted 4.62% lower to EGP 1.26.