By: Ahmed Allam

Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) ended Tuesday’s session on a down note, as the market was weighed by concerns about possible terror attacks.

A number of Cairo-based embassies suspended their services citing security reasons.

The benchmark index EGX30 fell 1% to close at 9482.62 points, amid foreign and Arab sell-offs.

Moamen El Shayyal, head of technical analysis, Al Jazira Securities Brokerage, said that the benchmark index rebounded from the lower limit of the long-term upward price channel to follow a medium-term sideways movement between 9600-8800 points.

The analyst advised short-term traders to buy in dips and medium-term traders to keep their equities. He also set the stop-loss point below 9000.

The small and mid-cap index EGX70 inched lower 1.23% to 629.56 points and the broader index EGX100 shed 0.77% to 1152.93 points.

Market capitalization lost around EGP 7.1 billion to reach EGP 518.896 billion.

Tuesday’s traded value amounted to EGP 1.02 billion, while traded volume reached 245.3 million shares.

The construction sector accounted for 18.73% of the market’s total turnover, as it was backed by Arabian Cement. It was followed by banks (17.89%) that was bolstered by CIB, then telecoms (14.28%) that was backed by OTMT.

Foreign and Arab traders were net sellers by EGP 25.6 million and EGP 56.3 million respectively, while nationals ended as net buyers by EGP 81.9 million. Institutions – mainly foreigners and Arabs- ended as net sellers, while retail traders – mainly nationals and foreigners – ended as net buyers.

OTMT was the top active in terms of traded value, after more than EGP 113.3  million was generated from trading above 80  million shares. The stock sagged 2.10% to EGP 1.42.

Translated by Sayed Abdel Rahman

Photo Credit: Arabianeye-Reuters