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Egypt equities lose $181m in one week

Egypt equities lose $181m in one week
Cairo-Mubasher: Indices of the Egyptian Exchange (EGX) rose during the first week in 2015, while market capitalization lost around EGP 1.3 billion ($181.3 million).
The benchmark index EGX30 rose 0.22% to cross the 8900 barrier and close the week at 8946.34 points, while the small and mid-cap index EGX70 added 1.17% to 572.02 points.
The broader index EGX100 gained more than 21 points, or 1.94% to 1111.65 points.
The movement of EGX indices during the week was mostly sideways with upward bias as it traced the trend of global markets that were weighed by oil slump, said Ehab Said, head of technical research, Osool Securities Brokerage.
The stock market slumped on Tuesday and lost EGP 9.4 billion ($1.3 billion) of its value due to the steep declines in GCC bourses amid mounting concerns about crude prices.
Mohamed Al Aasar, head of technical research, NBK Capital, said the benchmark is expected to test the 9000 mark next week backed by blue chips.
Tracking stock performance, Global Telecom fell 4.6%, OTMT (-4.5%), CIB (-1.16%) and Telecom Egypt (-0.34%).
Al Aasar added that the market may see revived trading activity as investors are backed to inject fresh liquidity after holidays.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters