Hammered by Palm Sunday bombings, EGX30 dips 1.5%



Sun, 09 Apr 2017 - 02:20 GMT


Sun, 09 Apr 2017 - 02:20 GMT

YOUM7 (Archive)

YOUM7 (Archive)

CAIRO–April 9, 2017: The Egyptian Exchange’s benchmark index (EGX30) ended on a negative note Thursday, battered by intensive selling pressures from local traders following

two separate deadly bombings

this morning.

A blast hit Mar Girgis Church in Tanta City, north of Cairo, Sunday morning, leaving 30 dead on the first day of Coptic Christians' Holy Week. Another bombing targeted Saint Mark’s Coptic Orthodox Cathedral in Alexandria, killing at least 11 and injuring more than 40, including four members of security forces.

The EGX30 breached below the 13,000-barrier, losing 1.55 percent to end at 12,895 points.

“The blasts triggered more selling pressures and weighed further on the benchmark index which started to lose momentum since Thursday’s session,” Head of Technical Analysis at Cairo Capital Adham Gamal El-Dein told Egypt Today.

There is no sign that the EGX30 would hold above 13,000 points, he said. “Penetrating this level would drive the index downward to 12,750 points.”

The small and mid-cap EGX70 index was almost flat, adding a slight 0.08 percent to close at 587.2 points, while the broader EGX100 index declined 0.26 percent to reach 1,349 points.

Market capitalization lost about 6.9 billion EGP ($383.4 million), totaling 657.4 billion EGP.



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