EGX fell this week, capitalization shaved EGP10bn

Thursday 12 July 2018 09:07 PM

EGX Building
EGX Building

By Mona Abd El-Bary
The Egyptian Stock Exchange ended this week's trades on a down note amid capitalization losses of EGP10bn, as analysts expect the sideways moves to dominate the market in the medium term.
During this week, EGX30 fell by 1.5% to 15879pts, EGX70 by 3% to 755pts, and the broader EGX100 by 2.2% to 1990pts.
The market shaved EGP10bn  in capitalization to close at EGP889bn as compared with EGP899bn a week earlier.
EGX's losses occured for the fourth week in a row, as Pharos Bank predicts the sideways moves in the range of 15500 and 16600pts to dominate the market  during the next six weeks on lack of domestic and international catalysts.
Pharos Bank predicts a short-term rebounding to ensue in the event of reaching 16600pts level.
EGX ended Thursday's trades on a down note on the backdrop of heavy sell-offs led by domestic and Arab investors amid modest  trades recording EGP589mln through exchanging stocks of 167 companies, of which 37 rose, 85 fell and 45 remained unchanged.
EGX30 fell by 0.5% to 15879pts, EGX70 by 0.58% to 775pts, and EGX100 by 0.37% to 1990pts.
Egyptians and Arabs sold stocks worth EGP15.4mln and EGP2.2mln respectively, whereas foreigners' purchases posted EGP17.7mln.