Bourse falls short of 5800-point target

Bourse falls short of 5800-point target

The Egyptian benchmark index EGX 30 saw a break in its 11 consecutive working days of gains on Wednesday, when it dropped off to 5667.34. The 0.64% loss denied the market’s aspirations to reach the much anticipated 5800 point mark. (AFP FILE PHOTO / KHALED DESOUKI)

The Egyptian benchmark index EGX 30 saw a break in its 11 consecutive working days of gains on Wednesday, when it dropped off to 5667.34. The 0.64% loss denied the market’s aspirations to reach the much anticipated 5800 point mark.
(AFP FILE PHOTO / KHALED DESOUKI)

The Egyptian benchmark index EGX 30 saw a break in its 11 consecutive working days of gains on Wednesday, when it dropped off to 5667.34. The 0.64% loss denied the market’s aspirations to reach the much anticipated 5800 point mark.

“This was a normal consequence after the steady rise that the bourse has witnessed, and a good indication that the volume of trade has maintained its above-average levels at 482million shares. This shows the appetite of the traders is still there,” said Mohsen Adel, a member of the board of directors of the Egyptian stock market.

Adel has previously said that exceeding the 5800 point mark will be a major incentive for investors to join the market.

The benchmark index’s 11-day long gains were strongly inspired by the Central Bank’s decision to cut the interest rate, in a further bid to push economy and curb inflation, analysts had said.

The EGX 70 Index, which encompasses small and medium sized companies, dropped by 0.44%, closing at 486.65, compared to 488.78 points on Sunday.

The broader index EGX-100 witnessed a minimal decline and closed at 813.12 points, a 0.4% decrease compared to 816.40 points last Thursday. The EGX 20 cropped index also dropped by 0.52% from 6691.29 points to 6656.29 points.

The trading day closed with 42 gainers, 106 decliners and 21 unchanged.

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