Cairo – Mubasher: Egypt’s stock market was down on Sunday, as the benchmark index reversed its early rise to end 1.16% or 96.47 points lower at 8218.25 points; its lowest level since 17 December, 2014.

Today’s session saw strong fluctuations, as the index rose to 8391 level in early trade, but rapidly moved down due to selling pressures on leading stocks, said Sameh Gharib, head of technical research at Roots for Securities Brokerage.

The analyst expects the selling pressures to continue on Monday, adding that the benchmark has primary resistance at 8400 points.

Emaar Misr for Development, which debuted today, slid 2.4% to EGP 3.71, which is below the offering price.

Commenting on the stock performance, Gharib said Emaar began its first trading day on a positive note, as it rose in early trade to EGP 4.08, but was pressured lower by selling activity to below the EGP 4 level.

The analyst also forecasts Emaar stock to continue the slide below the offering price.

The small and mid-cap index EGX70 fell by 0.85% to 438.51 points and the broader index EGX100 ended 0.84% lower at 928.68 points.

Market capitalisation gained around EGP 12.2 billion ($1.6 billion) to EGP 496.1 billion, compared with EGP 483.9 billion on Thursday.

Sunday’s turnover amounted to EGP 615 million, while traded volume reached 227 million shares.

Arab traders were net sellers by EGP 91.3 million, while national and foreign traders were net buyers by EGP 90.9 million and EGP 477,000 respectively.