EGX still seen bullish – Analysts

Cairo – Mubasher: The Egyptian Exchange’s benchmark index (EGX30) is still seen running bullish and likely to rebound today if holding above 13,200 points, analysts told Mubasher.

The index is forecast to face resistance at the 12,950-13,525 zone, while having support at the 12,400-11,800 area, said market analyst Hesham Hassan, assuring that the mark of 12,000 is the main support zone.

The analyst noted that this long-waited correction serves better long-term investors rather than the short-term ones as it allows the former to increase or build new positions.  

Meanwhile, MubasherTrade Research said, “The index declined sharply closing at 12,806, the current correction wave may be extended towards 12,550.”

On last Thursday, the bourse hit seven-month low after the International Monetary Fund (IMF) announced that Egypt will start imposing the capital gains tax on bourse trades no later than its fiscal year 2017/18.

The benchmark inexd EGX30 lost 497.7 points or 3.8% to 12,806.77 points, recording the lowest mark since 26 June 2016.

MUBASHER Contribution Time: 22-Jan-2017 07:38 (GMT)
MUBASHER Last Update Time: 22-Jan-2017 07:38 (GMT)