Written by Ahmed Allam:

The Egyptian Exchange (EGX) indices have plummeted on Wednesday, as the market capitalization lost around EGP6.4 billion ($843 million), amid absence of any positive catalysts.

The benchmark EGX30 has slipped 1.48% or 142 pts to 9469.08 pts.

Ahmed Saad, head of technical analysis at Tycoon Brokerage, said "Today, EGX indices have pulled down on the back of strong selling pressures from both local institutions and Arab retail traders."

"The benchmark has major support zone at level of 9433 pts on the short-term and upon crossing it the index will re-test levels of 9780 and 9850" , added Saad.

Saad noted that short-term investors should consider zone of 9433 pts as stop - loss level.

The EGX70, which measures small and mid-cap stocks, went down 1.17% to 562.95 pts and the broader index lost 1.10% at 1124.06 pts.

Wednesday’s turnover amounted to EGP1.05 billion, while traded volume reached approx. 96.1 million shares sealed through 18.1 thousands transactions.

Foreign traders were net buyers by EGP21.6 million, while Locals and Arabs traders ended as net sellers by EGP12.5 million and EGP9.1 million respectively.

Meanwhile, retail traders, particularly Arabs, were net sellers, while institutions were net buyers except the local ones.

Today’s top gainers’ list was led by Nasr Civil Works surging 6.57% to close at EGP 23.99.

On the other hand, the top losers’ list was led by telecom firm Mobinil falling 9.34% to close at EGP 166.14.

Translated by: Shaimaa ELSarky