EGX likely to recover Monday; retest 16,100 pts - Analysts

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to recover on Monday from profit-taking caused by Global Telecom’s stock yesterday to target 16,100 points, analysts told Mubasher.

Osama Naguib, head of technical analysis at Arab Finance Securities, said that the benchmark EGX30 index has faced a slight wave of profit-taking pressured by Global Telecom’s stock on Sunday.

Sell-off trend is likely to control the index to fall between 15,500 and 15,400 points as long as it is below 16,100 points, the senior technical analyst highlighted.

The index could break 16,400 and 16,100 points in case it surpasses main resistance with high trading volume, Naguib indicated.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX30 index is moving upwardly in the long- and short-term.

 The index may retest 16,336 and 16,450 points if it breaks its short-term resistance at 16,009 and 16,100 points, Fouda remarked, adding that the index has support at 15,812 and 15,551 points.

The small- and mid-cap EGX70 index has as short-term resistance at 758 and 767 points, and has support at 744 and 740 points, he said.

Fouda recommended investors to get ready to create new buying positions on active stocks and maintain quick trading, in line with buying on margin.

Mubasher Contribution Time: 03-Sep-2018 07:39 (GMT)
Mubasher Last Update Time: 03-Sep-2018 09:28 (GMT)