EGX30 lost 0.45% and closed the session at 13,680.5 points
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Monday’s trading session in the red, as the benchmark index EGX30 changed the upward direction seen earlier in the session.
The EGX30 fell by 0.45% or 61.61 points to 13,680.5 points at close, its lowest level since 19 October.
Financial analyst at Pioneers Mohamed Gaballah said that the purchasing power on the main index faded with correction wave seen on Commercial International Bank’s (CIB) stock.
Telecom Egypt dragged down the benchmark EGX30, the analyst said, forecasting that the index will regain its momentum as of Tuesday’s session, with resistance to be seen at 13,900 points and retargeting 14,200 points.
EGX heavyweight CIB is targeting levels between EGP 80 and EGP 82, Gaballah added
On Monday, CIB went up 1.42% to EGP 74.23, with a total traded value of EGP 48.9 million.
Market capitalisation lost EGP 2.3 billion, ending the session at EGP 764.8 billion.
Meanwhile, the EGX70 index declined 0.52% to 750.82 points, while the broader index EGX100 dropped 0.58% to 1,705.52 points.
The equal-weighted EGX50 index plummeted 1.26% to 2,381 points.
Traded volume totalled 237.8 million shares, with a total turnover of EGP 882.6 million, through around 25,300 transactions.
Egyptian investors leaned towards selling with a net sell-offs of EGP 419.2 million, while foreign and Arab investors were net buyers with EGP 327.9 million and EGP 91.37 million, respectively.
Telecom Egypt led the declining blue chips, plunging 4.25%, while Abu Dhabi Islamic Bank (ADIB) fell 4.15%, and Iron and Steel lost 3.92%.
On the other hand, Oriental Weavers topped gainers, advancing 3.12%, followed by CIB and Egyptian Financial and Industrial with 1.42% and 1.04%, respectively.
Source: Mubasher Exclusive
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