Cairo-Mubasher: The Egyptian Exchange (EGX) indices moved down in March, while market capitalisation lost around EGP 4.95 billion ($649.5 million) amid large-scale sell-offs.

The market was unaffected by the outcome of Egypt’s economic summit held during 13-15 March in the Red Sea resort of Sharm El Sheikh.

The Egypt Economic Development Conference (EEDC), which aimed to prop up the country’s stalled economy, has successfully attracted more foreign investments worth billions of dollars.

Prime Minister Ibrahim Mehleb said in his closing statement that the event lured $60 billion worth of investments, in addition to $12.5 billion in aid from GCC states.

The benchmark index EGX30 went down by 2.13% or 199.23 points to end the month at 9134.78 points, compared with 9334.01 points at the end of February.

The benchmark soared to the 9820 level during the month, but was pressured lower by sell-offs to lost around 686 points, or 6.98%, said Sameh Gharib, head of technical research, Roots Stock Brokerage House.

He added that the index will likely continue moving sideways in April between support at 8124 and resistance at 10066 points.

EGX70, which measures small and mid-cap stocks, fell by 7.2% or 40.39 points to 517.61 points, from 558 points at the end of February. The broader index EGX100 dropped by 6.2% or 68.79 points to 1045.63 points.

Translated by Sayed Abdel Rahman