Cairo – Mubasher: Egypt equities are expected to show a negative performance during Thursday’s session, following the deadly attacks on army soldiers in Sinai, according to analysts.

Five army checkpoints in Sinai were simultaneously attacked Wednesday morning, announced Egypt’s defense ministry in a statement.

The army exchanged fire with the attackers, killing 22 and destroying 3 vehicles. Ten army soldiers were martyred, the statement added.

Preliminary estimates show that the number of terrorists is estimated at 70.

Ahmed Abdel Hamid, managing director at Watheeqa Securities Brokerage, said the Egyptian Exchange would be negatively affected by the terror attacks seen over the last two days.

The Egyptian bourse is likely to ride over the impact of the attacks, as was the case in the past, said the analyst, adding that steadying above the 8,340 level would take the benchmark index higher over the coming sessions.

Abdel Hamid advised traders not to join sell-offs and to be cautious, noting that bargain hunters are using panic state to seize equities at low prices.