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EGX indices in red zone at open

EGX indices in red zone at open
EFG-Herms lead EGX30 gainers with a rise of 2.3% - Photo Credit: Mubasher

Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices initiated Sunday’s trading session on a lower note, amid foreign investors’ selling pressure.

By 10:50am Cairo time, the benchmark index EGX30 was 0.1%, or 8 points, lower to 8,128 points.

The small and mid-cap index EGX70 edged down 0.1% to 356.3 points.

The broader index EGX100 and equal-weighted EGX50 inched down by 0.13% to 805 points and 0.1% to 1372.4 points.

EFG-Herms lead EGX30 gainers with a rise of 2.3%, while Juhayna topped the losers with a slide of 1.5%.  

Foreign investors were net sellers by EGP 2.9 million, while Egyptians and Arab investors were net buyers by EGP 1.5 million and EGP 1.4 million, respectively.

Trading value reached EGP 74.8 million after 26 million shares were traded.

Palm Hills was the most active stock in terms of value and volume after earning EGP 22.2 million for 8.9 million shares changing hands in 170 transactions.

Sameh Gharib, head of technical research at Roots Securities Brokerage, said the main gauge is currently moving near the support mark of 7,900 points, which is the most significant scale before Eid Al Adha’s vacation.

By holding above this support mark, the index is likely to give a sideways performance between 7,900 points and 8,500 points; otherwise, the outlook for future movements will be negative, Gharib added.

The analysts expected EGX30 to extend its sideways performance this week, facing the first resistance mark at 8,300 points and then 8,500 points.

On Thursday, Cairo bourse closed on a lower note as the main index lost 0.26% or 21.6 points to close at 8,136.4 points on retail investors’ selling activity.