By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) dropped at the end of the week on the back of selling transactions carried out by Egyptian investors.

The benchmark EGX30 shed 3.5% or 502.7 points over the week, which is its lowest weekly level in nine months, to close at 13,847.36 points.

The EGX’s benchmark will decrease in the short-term, but it is projected to rise in both the medium- and the long-term, technical analyst at Jazira Securities Brokerage Ahmed Thabet told Mubasher.

The EGX30’s main support stabilises at 13,800 points, and it may grow temporarily to levels ranged between 14,000 points and 14,050 points, Thabet added.

The benchmark's trading volume reached 1.02 billion shares in a week, with a turnover of EGP 3.2 billion.

Market capitalisation closed at EGP 771.03 billion at the end of the week, compared to EGP 788.5 billion in the week ended 9 November.

The Commercial International Bank (CIB) levelled down 5.7% to EGP 73.46 after 4.9 million shares were traded, generating EGP 372.4 million.

CIB’s stock sees support at EGP 70 and EGP 71, which it may break above but not in the current period, Thabet continued, noting that the stock may go up to EGP 75 and EGP 77.

If the stock break below EGP 70, it might reach EGP 65, which is not likely for the time being, the analyst concluded.

The small- and medium-sized enterprises EGX70 index lost 2.87% to 763.03 points during the week, while the EGX100 index fell 2.35% to close at 1,731.95 points.

The EGX70 broke below the 770-point support, and sees a new support between 750 points and 755 points, where it can rise to 770 points and 775 points, Thabet explained.

The index will hit 700 points, provided that it broke below 740 points, the analyst noted.

The equally-weighed EGX50 dropped 2.75% to 2,445 points, with a turnover of EGP 3.8 billion.

Egyptian investors were mostly sellers with EGP 1.05 billion transactions, while foreign and Arab investors were mostly buyers with EGP 729.9 million and EGP 320.8 million transactions, respectively.

Translated by: Muhammad Khalid