Cairo – Mubasher: The Egyptian Stock Exchange (EGX) saw a bearish performance in the three-session week ended 20 April 2017, amid foreign purchases against sales of local and Arab investors.
The EGX30 fell 0.5% or 61.53 points to reach 12,905.85 points. The index saw a turnover of EGP 1.76 billion from the exchange of 372.21 million shares.
Market capitalization reached EGP 663.4 billion this week, compared to EGP 800 million last week.
The market is seeing accumulations, with the main index moving sideways between 12,850 and 13,200 points, preparing for another rally which may start next week, according to Saeed Al-Feki, branch manager at Osool ESB Securities Brokerage.
The market needs new catalysts to get out of the narrow range, he said, adding that it is hard to expect the main index’s new target at the current moment, Al-Feki added.
The EGX 70 rose 0.09% to reach 591 points this week, while the EGX 100 added 0.41% to 1,366.57 points. Meanwhile, the EGX 50 declined 0.81% or 16.97 points to stand at 2,066.14 points.
Commercial International Bank – Egypt (CIB) grew 0.23% to EGP 76.77, with a turnover of EGP 118.9 million.