Cairo – Mubasher: The Egyptian Exchange (EGX) ended Thursday’s trading session in the negative zone for the second session in a row.

The benchmark index EGX30 shed 66.5 points, or 0.89%, to 7,436.87 points.

The largest EGX30 constituent CIB fell by 0.9% to EGP 42.31 with a turnover of EGP 64.3 million.

The small and mid-cap index EGX70 inched down 0.01% to 358.05 and the broader index EGX100 also edged down 0.10% to 763.25 points.

The equal-weighted index declined 0.66% to 1323.8 points.

EGX30 is still weakened by investors’ selling tendency, foreigners in particular, said Hesham Hassan, head of technical analysis at Acumen for Securities, clarifying that the main index is still moving between the support of 7,300 points and the resistance of 7,700 points.

The stop-loss level stands at the mark of 7,300 points, he added, expecting further drops in the upcoming days on lower liquidity rate.

Trading value reached EGP 423.899 million after 128.9 million shares were traded. Out of 156 stocks traded today, 32 ones rose; 85 moved down; and 39 stayed at unchanged.

Foreign investors were net sellers by 53.7 million, while the net buyers were Egyptian and Arab traders by EGP 48.8 million and EGP 4.9 million respectively.

Foreign traders have been tending to sell their stocks since Eid Al-Fitr holiday ended, namely after the central bank’s governor alluded to a possible devaluation of the Egyptian pound, the analyst noted. 

Regarding market capitalizations, equities lost EGP 1.99 billion to finish at EGP 399.4 billion against EGP 401.4 billion on Wednesday.

The top advancers were Samad Misr (+7.4%), El Nasr for Manufacturing (+7.3), and Nozha International Hospital (5.0%).

Meanwhile, Sharkia National Food, National Bank Of Kuwait- Egypt, and Alexandria Containers headed the losers with a slide of 6.3%, 3.97%, and 3.9% respectively.