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Cairo bourse in red zone at open

Cairo bourse in red zone at open
a further decline towards 7,370 is expected

Cairo – Mubasher: The Egyptian Exchange’s indices initiated Thursday’s trading session on lower note.

By 10:45am Cairo time, the main index EGX30 lost 53 points, or 0.70% to stand at 7,450 points.

The small and mid-cap index EGX70 fell by 0.18% to 357 points.

Likewise, the broader index EGX100 opened 0.21% down to 762 points and the equal-weighted index EGX50 declined 0.61% to 1,324.5 points.

Tracking EGX30 stocks’ movement, Beltone and EFG-Hermes were the only advancers by 10% and 0.09%, respectively.

On the flipside, CIB, Egyptian for Tourism Resorts, Qalaa, SODIC, OTMT, TMG, and Palm Hills saw a slide ranging from 0.15% to 2.7%.

Foreigners were net sellers by EGP 10.9 million, while national and Arab investors were net buyers by EGP 8.5 million and EGP 2.4 million, correspondingly.

Trading value reached EGP 62 million after 27 million shares were traded.

The benchmark is currently facing the support level of 7,500 points and “breaking below this level should lead to a further decline towards 7,370”, according to Mubasher Trade Research’s technical commentary on EGX30 performance.

Investors are not advised to build new position, said the research firm.