By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to take a temporal pause from the upward trend, awaiting new market-boosting catalysts and liquidity.
The benchmark EGX30 index is expected to see a limited sideways move between 15,000 and 15,300 points until new catalysts push the stock market towards stability and boost liquidity, CEO of Osool ESB Securities Brokerage Saeed El-Feki told Mubasher.
The new catalysts are likely to push the indices and stocks of the EGX to new levels, El-Feki added.
The positive vision is forecast to continue on the medium and long terms, he indicated, adding that stocks have a good chance for investment.
The small- and medium-caps EGX70 index is targeting resistance at 880 points, after closing Thursday’s trading session at 850 points, while it has support at 830 points, he continued.
Moreover, Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that the EGX30 index saw rebounds last week to maintain rising, expecting the index to move towards 15,300 points.
Meanwhile, technical analyst Safaa Fares said that the EGX is stable and the EGX30 is still moving upwardly, adding that it has a short-term resistance at 15,400 points and an upside potential at 15,600 points.
The EGX index has support at 15,050 points and a downside potential at 14,850 points, Fares added.
Additionally, the EGX70 index has resistance at 860 points and an upside potential at 888 points, while it has support at 832 points and a downside potential at 821 points.
Translated by: Mai Ezz El-Din