Mubasher Trade expects low average trading volume in EGX

CAIRO – 25 March 2018: The Egyptian Exchange benchmark EGX30 is still testing around the minor support of 17,100-17,000 points with expectations to close at below-average volume, Mubasher Trade Company said in a Sunday report.

The benchmark EGX30 ended Thursday’s session in red, declining 0.48 percent, or 82.54 points, to end at 17,064.58 points.

By 12:30 p.m. of Sunday’s session, EGX30 was trading at 16,940.06 points, after losing 0.73 percent.

The report added that the weak volumes are a good sign however; the index might decline towards 16,800 in case it could not hold above the minor supports.

The trading volume in the last session reached 542.36 million shares traded through 32,716 transactions with a turnover of LE 1.5 billion.

The report said that the levels 17,300-17,500 are the closest the index has rebounded from the current levels.

In addition to EGX30, the remaining indices ended on Thursday in red as EGX50 slipped 0.41 percent, EGX70 went down 0.29 and EGX100 decreased 0.43 percent.