(9 Nov 2014) LEADIN:
After last week's buoyant trading, Egypt's benchmark index has opened a fresh round of trading slightly down.
But traders say the market is still on track to break through the 10,000 points barrier in the near future.
STORYLINE:
Egypt's benchmark Index, the EGX 30, has opened the week with a slight fall of 9,420 points - as investors test the waters after a solid last week of trading.
"The session started with a drop in the indexes, after the benchmark index reached 9,400 points, so the investors are testing it," says trader Hannan Ramses.
She says it is nothing to worry about, as markets gain in strength and it is common for investors to sell and cause a slight wobble.
But Ramses is still confident the market can reach 10,000 points before the year is out.
"It is expected to reach 10,000 points, or to pass it (by the end of the year), but this depends on injecting liquidity in the market, as well as the appetite of the traders. Of course foreign traders trade in the EGX 30 index, the EGX 70 index depends on individual investors, who make up more than 80 percent of the trading, of course Egyptians are trying to quickly make a profit, because they fear the selling of large companies - because they command a large selling power, which cause the indexes to fall, and we always see that when the EGX 30 index drops, all the other indexes drop, even if they are doing well, and when the EGX 30 index rises, all other indexes rise," she explains.
The index climbed early in the day reaching 9,438 by 1155 local time (0955 GMT) before cooling off slightly.
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