- 15th Edition Connected Banking Summit – Innovation and Excellence Awards 2024
- FTSE 100 back in the red amid inflation update and earning season ramp up
- Rethinking Card Issuing in an Age of Fintech Disruption
- 5th Edition Connected Africa- Africa's Premier Telecom Summit
- BRVM Investment Days Roadshow Return to Johannesburg
Market Watch: Egyptian Equity Indices Drops Amidst Local Investor Sell-Off
Cairo (Capital Markets in Africa) – The Egyptian Exchange’s (EGX) indices dropped collectively at Sunday’s (16th July 2017) close due to selling pressures from local investors.
The benchmark EGX30 inched down 0.05% to 13,815.77 points.
Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that EGX30 closed at the level of 13,815 points losing 6 points from 13,864 points due to selling pressures, which began Thursday.
After passing the level of 13,700 points, the EGX30 index will see resistance between the levels of 13,900 and 14,000 points, the analyst noted.
Attempts to break these levels are expected to continue in the coming sessions, whereas profit-taking may push the index lower to 13,700 points, then to 13,450 points,” Gharib added.
The EGX50 index inched down 0.02% to 2,123.86 points, while the EGX70 index fell 0.14% to 684.56 points, and the EGX100 edged down 0.01% to 1,570.8.
The EGX70 is still seeing profit-taking after reaching the resistance level of 690 points, pressured by selling, which prevented gains above 690 points, Gharib told Mubasher, forecasting that profit-taking will continue on Monday.
It is likely that the index will see support at 680 points then at 670 points, he said, noting that a rise by the EGX70 index to 690 points will push the index towards further gains to 720 points.
Market capitalization dropped by EGP 408.8 million on Sunday and closed at EGP 713.44 billion.
Trading volume on Sunday reached 259.77 million shares exchanged at a turnover of EGP 617.17 million, through 19,880 transactions.
Foreign and Arab investors were net buyers with EGP 3.99 million and EPG 90,800, respectively, while Egyptians were net sellers with EGP 4.1 million.
Egyptian Iron and Steel, Orascom Construction, and Citadel Capital, led rising blue chips and added 4.21%, 3.34%, and 2%, respectively.
The Commercial International Bank – Egypt’s (CIB) stock inched up 0.34% to EGP 87.4.
On the other hand, Juhayna Food Industries, Orascom Telecom Media and Technology Holding (OTMT), Porto Group Holding, and Arabian Food Industries Co dropped, with declines ranging between 3.7% and 2.5%.