By: Heba El Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to experience one of two possible scenarios this week, the third week of December, in line with traders’ tendency to monitor the performance of the Commercial International Bank (CIB) and Global Telecom Holding (GTH).
The EGX’s general performance this week will be dependent on Sunday’s trading session, branch manager at Mubasher Financial Services (MFS) Safwat Abdel Naeem told Mubasher.
Abdel Naeem stressed the importance of monitoring implemented transactions on the CIB and GTH, especially after the benchmark EGX30 index broke resistance above 13,000 points.
The EGX is expected to experience one of two scenarios during the third week of December, he indicated.
The first scenario is that the CIB may break EGP 74 and record EGP 78 on the back of continued purchasing powers this week, while GTH could surpass EGP 3.7 and target EGP 3.9, he pointed out.
In this case, the EGX30 index would be able to break above 13,000 points and target 13,300 points, he added.
As for the second scenario, he said that buying transactions on CIB may be weak and the stock could rebound to EGP 70, whilst trading on GTH would stop and it may fall to EGP 3.2, which will drag down the EGX30 index to 12,500 points.
For his part, customer relations manager at Arabeya Online Michael Mamdouh Naguib said that the EGX30 index will maintain the bearish trend.
Naguib pointed out that the index has seen rebound near main support level at 2,008 points in an attempt to test declining support levels.
He emphasised that there are no clear technical signals that indicate any change in the EGX’s performance in the medium term.
Translated by: Mai Ezz El-Din
