The Egyptian stock exchange main index EGX30 began on a strong positive note yet failed to sustain its positive performance due to the lack of investors' buying appetite, said Sigma Securities Brokerage.
The EGX30 Index lost 0.81 percent recording 8,523.87 points on a low turnover of LE477 million.
Arab and foreign institutions were net buyers recording LE8.45 million and LE7.20 million respectively while local institutions closed as net sellers at a net flow of LE12.25 million.
The real estate sector led the market in terms of turnover recording LE159.71 million, representing 33.45 percent of total market’s activities.
Short term trend is down and any rebounding in the market will be considered only a correction and cannot be anticipated until any strength signal is clear, said Blom Egypt Securities on report.
Beltone Financial, said that the EGX30 is expected to near between 8,800 and 8,900, but noted that buying opportunities would entail high risk.
"Short term outlook for the market remains negative," Beltone added.
Thus, the market capitalization incurred losses worth LE2.1 billion, registering at LE484.6 billion compared to LE486.7 billion on Thursday.
