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EGX hits 5M low at Tuesday's close

EGX hits 5M low at Tuesday's close
The benchmark EGX30 index lost 235 points, or 1.5%, to close at 15,420 points

Cairo - Mubasher: The Egyptian Exchange (EGX) ended Tuesday’s trading session at its lowest level in five months, after the Financial Regulatory Authority (FRA) released its statement on the fair value evaluation on Qalaa Holdings’ stock.

The benchmark EGX30 index lost 235 points, or 1.5%, to close at 15,420 points, touching its lowest level since 22 February.

The main index has broken the main support level at 15,500 points, market expert Mohamed Sharaawy of Pioneers Holding told Mubasher, stressing that Wednesday’s session will determine giving up this support level, with support lying at 15,100 - 14,500, and 13,900 points.

He added that if the benchmark restores the 15,500-point level, it will target resistance at 16,050 points.

The small and medium enterprise index EGX70 fell 1.06% to 754.17 points, while the broader EGX100 index declined by 1.27% to 1,932 points.

Meanwhile, the equal-weighted EGX50 index levelled down 0.84% to 2,633 points.

Traded volume reached 120.4 million shares exchanged at a turnover of EGP 791.8 million through around 20,600 transactions.