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Egypt stocks lose EGP31.9 billion in a week

Egypt stocks lose EGP31.9 billion in a week
By Ahmed Allam:
Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) have plummeted during last week, while market capitalization lost around EGP 31.9 billion, under pressures from GCC bourses.
Oil prices continued their rebound on Thursday to reach above $63 per barrel, after low prices forced several companies to cut investments worldwide.
Mountasir Madbouly, head of technical analysis, GB Traders, said the benchmark usually sees pressures at year-end due to liquidating of positions for some funds and companies.
However, this time the pressures were more than expected due to the impact of the GCC stock markets that plunged hurt by oil prices, the analyst added.
The benchmark index EGX30 fell 8.7% or 797 points to close at 8399.89 points, from 9196.93 points a week earlier.
The analyst expected EGX30 to continue its rise towards 8800 then 9000 if it trades above 8500 points. He added that failing to cross such a key resistance will means further slides towards7800 then 7400 points.
Meanwhile, EGX70 fell by 11.5% or 70.6 to 542.51 points from 613.08 points. The broader index EGX100 ended 8.99% or 101.9 points lower at 1030.54, from 1132.43.
Sameh Gharib, head of technical analysis, Roots for Securities Brokerage, said the benchmark will likely trim some of its losses this week to target 8470 then 8800 points. He advised traders to benefit from such a rapid rebound in trading, provided they set a limit for protecting gains.
Tracking stock performance, EK Holding was the top gainer (+4.41%), while South Cairo Flour Mills was the biggest faller (-24.16%).
OTMT was the most active in terms of traded value and volume, after more than 343.6 million shares were exchanged at above EGP 421.7 million.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters