The Egyptian Stock Exchange (EGX) indices retreated collectively on Wednesday, for second day in row, as the market capitalisation lost nearly EGP 9.99 billion on strong selling spree by local investors.

The benchmark index EGX30 fell a round 169 points or 1.8% to 9,198.46 to hit its lowest level in two-and-a-half months.

Following suit, the small and mid-cap index EGX70 slid 3.24% to 508.91 points and the broader EGX100 lost 2.5% to 1,042.6 points

"Egypt equities deepened their slide into the red Wednesday, as the benchmark moved below the support levels of 9,300 and 9,259 points amid strong selling pressures," said Walid Hilal, portfolios Manager at Mokattam Alexandria brokerage.  

"The benchmark is likely to extend its downside movements during Thursday’s trading, to target levels of 9,050 and 9,100 points where it may witness a purchasing power that could help in its rebound," added the analyst.
 
Wednesday’s turnover amounted to EGP 732.5 million, while traded volume reached around 145.9 million shares sealed through 23,000 transactions.
 
Local traders were net sellers by EGP 75.4 million, while foreign and Arab traders ended as net buyers by EGP 66.5 million and EGP 8.9 million, respectively.

Meanwhile, retail traders were net sellers, while institutions were net buyers.

Trans Oceans Tours topped the gainers, surging 11.1% to close at $0.10.

Cairo Educational Services led the losers, falling 9.81% to close at EGP 9.75.