Cairo – Mubasher: Egypt’s stock market slipped on Wednesday, as it was dragged by selling pressures from Arab and foreign institutions.

Market capitalisation lost around EGP 2.4 billion ($310 million).

The benchmark index EGX30 fell by 0.58% or 51.2 points to close at 8826.45 points. The small and mid-cap index EGX70 retreated by 0.38% to 471.85 points, while the broader index EGX100 lost 0.26% to 987.93 points.

The market saw selling pressures following the strong rise seen in the last two sessions after the government’s decision to delay the capital gains tax for two years, said Sameh Gharib, head of technical research, Roots Stock Brokerage House.

The analyst expects the market to rebound Thursday, saying the benchmark may test resistance at 9040 points; a key level that, if broken, may take the index higher to new levels.

Wednesday’s turnover amounted to EGP 554.6 million, while traded volume reached 215.4 million shares.

Foreign and Arab traders were net sellers by EGP 27.3 million and EGP 6 million respectively, while nationals were net buyers by EGP 33.3 million.