EGX fluctuated on Wednesday, sidewaysmoves to stay

Thursday 24 January 2019 09:09 AM

EGX Building
EGX Building

By Ragab Ezz El-Deen & Ahmed Aly

The Egyptian Stock Exchange fluctuated in Wednesday's transactions amid heavy sell-offs led by the Egyptian investors.

EGX30 rose by 0.24 percent to 13506pts, whereas EGX70 fell by 0.17 percent to 672pts, the broader EGX100 by 0.14 percent to 1695pts, EGX50 by 0.41 percent and EGX20 by 0.23 percent to 13393pts.

Stock trades reached EGP691mln, as Egyptian and Arab corporations sold stocks worth EGP47.9mln and EGP3.1mln respectively, whereas foreign corporations, Egyptians, the Arabs and foreigners bought stocks worth EGP20.5mln, EGP24.8mln, EGP5.3mln and EGP295,000 respectively.

EGX ended trades in the red. Out of 170 stocks, 55 rose, 75 fell and 40 remained unchanged.

Thursday's session are cancelled, with next Sunday being set as date for re-opening trades, owing to celeberations marking the National Police Day and the annversary of the 25 January revolution.

Analysts said EGX is undergoing ' a boring run of trades' which help advance sideways moves at the time being until new purchasing powers appear and push the market to cross the resistence level of 13500pts.  

" EGX was undergoing sideways moves during the past weeks amid heavy sell-offs led by foreigners," said capital market expert Husam Helmy, predicting the sideways moves to proceed in the short term.