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EGX sees deceptive bearish trend Thursday - Analyst

EGX sees deceptive bearish trend Thursday - Analyst
The blue chips of the EGX are seeing a negative performance Thursday

By: Heba El-Kordy

Cairo – Mubasher: The blue chips of the Egyptian Exchange (EGX) are seeing a negative performance on Thursday, the last trading session of this week.

The EGX is currently seeing a deceptive downward trend and it may recover by the next week, market analyst Toni Kamal told Mubasher.

By 12:55 pm Cairo time, the benchmark EGX30 index fell 0.78% or 109.95 points to its lowest level since 25 October at 13,915.16 points.

The index may see a declining rebound if it broke below 13,950 points by the end of today’s session or the coming session, Kamal highlighted, adding that it has a minor support at 13,800 and 13,400 points.

The analyst expected that the index would not break support on Sunday and that it would be able of creating new purchasing powers.

During this time, blue chips including Oriental Weavers, Pioneers Holding, and Amer Group tumbled 6.36%, 3%, and 2.86%.

The heavyweight Commercial International Bank (CIB) is still seeing a bearish wave for the second session in a row, Kamal said, adding that the stock has support at EGP 72 and EGP 70.

Meanwhile, the CIB shed 1.82% to lowest level in eight and a half months at EGP 73.3, with a turnover of EGP 54.19 million.

 

Translated by: Mai Ezz El-Din