Cairo - Mubasher: The Egyptian Exchange (EGX) was affected by the rising regional geopolitical risks during the week ending 10 May, after the President of the United States decided to withdraw from the Iran nuclear deal.

The benchmark index EGX30 lost 3.8% or 677.72 points, recording its biggest weekly decline since July 2016, and closed at the level of 17,155.14.

Traded values reached EGP 4.5 billion, with volumes amounting to 1.04 billion shares.

The market capital decreased by EGP 29.8 billion and ended the week at the level of EGP 991.9 billion.

Commercial International Bank (CIB), the stock with the biggest weigh in the main index, declined by 5.69% to EGP 87.78.

Meanwhile, the small and medium enterprise index EGX70 went down 2.86% to 853.5 points, while the broader index EGX100 fell 4.24% to 2,192 points.

The equal-weighted EGX50 decreased by 2.16% to 2,960 points, with turnovers totalling EGP 3.9 billion.

Arab investors leaned towards buying with a net EGP 482.9 million, while Egyptian and foreign investors were net sellers at EGP 297.2 million and EGP 185.6 million, respectively.

Market analyst Mamdouh Naguib told Mubasher that the main index continued with the correction movement below 18,000 point level, with support being at the level of 17,000 points, after breaking the levels of 17,570 and 17,400, respectively.

On the other hand, resistance levels are between 17,490, and then the 17,900 to 18,000 area.