Egypt’s shares halted their rally last week as investors started to book gains from a sustained market rally, with the main benchmark index hovering around an all-time high, but the market is expected by analysts to resume a rally amid new catalysts, including the earnings season. The EGX30 index has support at 18,000 points, El-Feki indicated, projecting that the index would not break this level even during the anticipated profit-taking. The EGX’s indices grew during April, as the benchmark index EGX30 recorded its eighth successive monthly increase amid high demand from foreign investors. Weekly losses amid profit-taking streakThe benchmark EGX30 index retreated 1.87%, shedding 340.3 points to close the week’s final session at 17,832 points. Foreign investors were sellers, netting EGP 93.6m, while Egyptians and Arabs were buyers, netting EGP 47.3m and EGP 46.3m, respectively.

Source: Daily News Egypt May 06, 2018 06:11 UTC