EGX shaved EGP20bn in June, EGX30 to advance to 16600pts in July

Thursday 28 June 2018 08:57 PM

EGX Building
EGX Building

By Mona Abd El-Bary
The Egyptian Stock Exchange ended June's trades on a down note for the second month in a row, as main indexes fell amid heavy losses in capitalization, but analysts expect EGX to recoup part of losses in July.
EGX30 fell by 2% in June to close at 16348.5pts, EGX70 by 5% to 804pts, the broader EGX100 by 3% to close at 2026pts.
EGX shaved EGP20bn in capitalization during June to close at EGP910bn down from EGP930bn a month earlier.
" EGX is poised to bounce back recovering a portion of its monthly losses in July, as EGX30 and EGP70 are set to rebound," said head of technical analysis division at Aman Securities Mohmed El-Aasar.
EGX30 is expected to target 16900pts, and EGX70 815pts, he said, predicting stock of the Commercial International  Bank to move up to EGP90, Ibn Sina Pharma to EGP12.80.
During one month of trading, CIB jumped by 1.2% to EGP85.28 up from EGP84.24, whereas Ibn Sina closed at EGP11.92.