EGX fell on Monday, EGX30 to sink to 15425pts: Al-Naeem

Monday 09 July 2018 09:05 PM

EGX Building
EGX Building

Ragab Ezz El-Deen & Asmaa El-Sayed
The Egyptian Stock Exchange ended Monday's trades on down note amid heavy sell-offs led by Egyptians.
EGX30 fell by 0.34% to 15785pts, EGX70 by 1.18% to 775pts, the broader EGX100 by 0.83% to 1977pts, EGX50 by 0.79% to 2641pts, EGX20 by 0.58% to 15701pts.
Stock transactions amounted to EGP1.7bn, as Egyptian institutions, Egyptians and foreigners sold stocks worth EGP805.4mln, EGP26.7mln, and EGP184,000 respectively. Arab, foreign institutions and Arab investors bought stocks worth EGP34.7mln, EGP793.7mln, and EGP3.8mln respectively.
Al-Naeem Research Unit predicted sliding moves to dominate EGX performance suggesting benchmark EGX30 index to hover around 15780pts.
" EGX30's staying below support level of 16000pts will pave the way for it to go down towards 15780pts, then towards 15425pts," stated Al-Naeem report obtained by Al-Mal newspaper.
Regarding index tracking small and medium-sized companies, it failed to stabilize above support level 790pts, prompting a further decline towards the support level of 750pts, according to the report, advising traders to cut their buying positions and wait for new buy signals.