Stock market loses LE191 million

The performance of Egyptian stock market indexes varied by the end of Sunday session as Egyptian investors were inclined toward selling and Arab and foreign investors toward favored purchases.
Traders on the market downplayed the decline of indexes, pointing out that the decline was necessary and only temporary to correct the performance of the main index and help it to rise again.
The main EGX30 index fell by 0.64 percent. The small and medium EGX70 rose by 0.15 percent.
The broader EGX100 fell by 0.1 percent to stop at 1,117.9 points.
Total trading reached LE900 million in 39,6 transactions and the market capital lost LE191 million to end the session at LE491.6 billion.
Expert on stock exchange Mohamed al-Husseiny said new cash was pumped on the market, especially to the real estate sector in light of the decline in returns on bank deposits in local currency.
Husseiny added investors have become interested in the real estate sector after they turned their back to dollar deposits after the stability of the exchange rate of the dollar against the pound.
He stressed that the liquidity pumped will continue to push the stock market up during the coming period, especially that there are no adverse events to force the market to engage in profit-taking.
Edited translation from Al-Masry Al-Youm

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