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Egypt equities gain $648m; indices down

Egypt equities gain $648m; indices down
Photo Credit: Arabianeye-Reuters

By Ahmed Allam:

Cairo-Mubasher: The Egyptian Exchange (EGX) indices were down on Sunday, while market capitalization gained around EGP 4.93 billion ($647.8 million) to close at EGP 531.703 billion.

The benchmark index fell 0.64% to close at 9779.76 points, amid selling pressures from local institutions and Arab and foreign retail traders.

The benchmark index is still moving within a tight range between resistance at 9978 and support at 9770 points. It is now moving at the minimum limit of such a range, said Sameh Gharib, head of technical research, Mirage Securities Brokerage.

According to the analyst, Monday’s session will define the index future trend, as the success of the current support level at 9770 points to stop the index slide will help the index rebound to re-test primary resistance at 9978 points.

However, a break below the support level at 9770 points will trigger correction till next support at 9600-9450 points.

The small and mid-cap index EGX70 dipped 0.45% to 573.97 points, while the broader index EGX100 lost 0.53% to 1138.95 points.

Sunday’s turnover amounted to EGP 513 million, upon exchanging 120.9 million shares.

National traders were net sellers by EGP 8.4 million, while foreign and Arab traders were net buyers by EGP 8.1 million and EGP 278 thousand respectively.

Institutional traders ended as net sellers, while retail traders were net buyers.

Tracking stock performance, CIB and Global Telecom declined by 1.43% and 0.86% respectively to close at EGP 54.6 and EGP 4.83.

Translated by Sayed Abdulrahman

Photo Credit: Arabianeye-Reuters