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Egypt stock exchange hemorrhages - Daily News Egypt

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Egypt stock exchange hemorrhages

Train crash expected to push EGX30 down to 5,600 points

By Shaimaa Turkey

Egypt’s stock exchange dropped for the third day in a row exacerbated by Tuesday morning’s Badrashein train crash which left 19 soldiers dead. The market’s main index declined 43.1% by 8.5657 points on Tuesday, heading towards the market’s support level of 5650 points.

The EGX70 dropped 51.2% declining 26.12 points to 90.475 points. Meanwhile the EGX 100 dropped by 3.2% to 49.809 points.

Islam al-Batrawi, trading manager for Al-Naim financial securities company, expected that the stock exchange would continue to drop towards the support level of 5550-5600 points, until a judge’s ruling was made on the accident. This he said, would have a large effect on the market’s performance at the end of this week’s session and into next week.

Osama Nagib, logistical trading analyst for the Arab Finance company for financial securities, said the market’s corrective movement will continue in the medium term hitting 5500-5900 points until the anniversary of the January 25th Revolution.

Market capital lost nearly EGP 9.4 bn, hitting EGP 4.4 bn compared to EGP 3.4 bn in losses on Monday.

The value of transactions rose EGP 8.4 m after 1.1 m shares were traded in a total of 1,230 deals, while the market’s total value, that included key traders and the transfers market hit EGP 8.4 m, trading 99.1 m shares in a total of 3,230 deals.

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