Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to deliver a positive performance on Thursday backed by the Saudi deposit, according to analysts.
Market analyst Ahmed Abd Al-Hamid said the benchmark index is likely to target 8,300 points today on the news that the Central Bank of Egypt (CBE) received $2 billion Saudi deposit yesterday.
"This deposit reveals there is no disagreement between the two countries. It is likely to push the market forward today", the analyst said.
On Wednesday, selling pressures appeared less aggressive, but dragged the market index lower to 8,185 points on average volume, said MubasherTrade Research.
The research agency expected that "there is a room for more declining towards 8,150-8,060. before testing the key resistance 8,480 one more time."
