CIB is down 0.37% at midday trading

Rana Mamdouh

The sales forces pushed Egyptian investors to end the negotiations Sunday in the red zone.

The main EGX30 index lost 0.37% and closed at 13460 points.

The Commercial International Bank (CIB), the largest comparative index of the tertiary index, fell 1.45% to close at 70.86 pounds.

The EGX70 and EGX70 indices yielded 1.17%, under the pressure of Tora Egyptian Cement, which lost 3.01%, while the EGX100 index broadly declined by 0.96%.

The volume of transactions amounted to 285.556 billion pounds, or 10575 transactions out of 161 companies.

The market price of 70 companies fell against a rise of 42%, while prices have not changed 48.

The sale was dominated by Egyptian investors, registering a net gain of EGP 89.135 million, of which EGP 55.275 million for institutions and 33.877 million EGP for individuals.

Foreign investors tended to buy for a total of 79.064 million pounds, of which 78.995 million pounds for institutions and 69 427 000 for individuals.

Arab investors were net buyers with a net value of 10.089 million Egyptian pounds, including 9.639 million Egyptian pounds for institutions and 449.485 thousand EGPs for individuals.

Egyptians accounted for 78.26% of the stock market's total turnover, foreigners 18.81% and Arabs 2.93% after exclusion of transactions.

Institutions accounted for 63.54% of today's trading session and remaining transactions accounted for 36.45%.

Misr Chemical Industries was the largest producer at 5.99%, followed by Heliopolis Housing at 5.53% and Sinai Cement at 5.07%.

The Egyptian society for the development of the building industry was the biggest loser with 32.74%, followed by Arab Polvara Spinning and Weaving (7.08%) and Gulf Canadian Real Estate Investment (5.47%) ).

The increase in selling pressure exerted by Egyptian investors has reduced the value of positive news that the market has started its morning negotiations and pushed it to break the 13,500-point mark, Mutasim said. Al-Shuhaidi, Vice President of Horizon Securities.

Al-Shuhaidi pointed out that the market should address two issues of interest to most stock market investors: transaction taxes and the relatively high interest rate.

He predicted that the month of August will mark the beginning of a decisive breakthrough for the market as it coincides with a number of key events, including: the implementation of the rates of interest. interest of Global Telecom and Furi and the Egyptian Central Bank.

It is likely that the upcoming trading sessions up to the holiday of Eid al-Adha sacrifice themselves between the levels of 13,300-1,300 points.

Ahmed Mortada, a stock market expert, attributed declining indicators since morning gains to weak market liquidity, which led to a sharp increase in sales forces in the second half of the session.

He insisted on the need to start by examining the tax files on the foreign exchange transaction and then the interest rates.

He expected the stock indices to follow a downward trend in future sessions, which should take the support level of thirtieth 13,300 for the main one.