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EGX seen hurt by deadly Sinai attack this week – Analysts

EGX seen hurt by deadly Sinai attack this week – Analysts
EGX trading floor

Cairo-Mubasher: Capital market experts said the Egyptian bourse is likely to be affected by Sinai attack that killed at least 27 on Thursday in some of the worst anti-state violence in months, after commemorations around the anniversary of the 2011 uprising turned deadly this week.

Mohammed Gaballah, head of trading at Al-Tawfeek Financial Brokerage, told Mubasher that EGX30 is expected to cross the support levels of 9835 and 9785 points this week.

He added that if the index breaks through the 9785 level, it will head towards 9635 pts.

The bourse management decided to delay the trading one minute today, to mourn the victims of Sinai attack.

Ahmed Abdel Hamid, managing director of Watheeqa Securities Brokerage, said the local exchange is seen impacted by the deadly Sinai attack.

Abdel Hamid told Mubasher that EGX30 is likely to move sideways between the support levels of 9635 and 10.000 this week amid anticipating of the reporting season.

The Egyptian Exchange (EGX) indices ended Thursday’s session on a mixed note, while market capitalization gained around EGP 3.5 billion ($461 million).

The benchmark index EGX30 sagged 0.21% to close at 9843.10 points, while the small and mid-cap index EGX70 gained 0.21% to 576.56 points. The broader index EGX100 added 0.21% or 2.4 points to reach 1145.05 points.

Photo Credit: Arabianeye-Reuters