The Egyptian Exchange (EGX) suffered strong fluctuations during Tuesday’s session, amid pressure by foreign selling versus Arab and Egyptian investors’ purchases, only to close stable at 13,525.48 points.
Meanwhile, market capitalisation increased by EGP 2.86 billion to close at EGP 762.05 billion.
The EGX’s heaviest-weighted stock Commercial International Bank – Egypt (CIB) shed 1.33% to EGP 75.54, with turnover on the stock amounting to EGP 137.5 million.
Turnover on the EGX30 amounted to EGP 1.19 billion after 382.8 million shares changed hands through 37,500 transactions.
Meanwhile, the EGX70 index lost 0.33% to close at 805.26 points, while the EGX100 index slipped 0.32% to 1,778.96 points.
Commenting on the EGX’s performance on Tuesday, economic analyst and market expert Safaa Fares said that the EGX will see resistance at 13,700 points, and that breaking above that level will boost the index towards 13,900.
Support is currently seen at 13,440 points, the analyst said, indicating that a fall below this level will push the benchmark index downwards towards 13,200 points.
As for the EGX70, resistance is seen at 812 points, a break above which will prompt further gains towards 825 points, whereas support is seen at 800 points, and a break below that will take the EGX70 lower towards 789 points, the analyst added.
The equal-weighted EGX50 gained 0.91% to 2,375.01 poins.
Foreign investors were sellers with EGP 49.2 million, while Egyptian and Arab investors were buyers, netting EGP 48.6 million and EGP 604,000, respectively.
HADISOLB’s stock led gainers on Tuesday, surging 9.97%, followed by Palm Hills and SODIC with 7.81% and 5.76%, respectively.
On the flipside, Domty’s stock led blue chip fallers, sliding 2.77%, followed by Eastern Company and OTMT with 1.86% and 1.35%, respectively.