EGX likely to test 16,600 pts this week - Analysts

By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the positive performance during the second week of September, analysts told Mubasher.

Purchasing powers are likely to control the local market as stock prices have currently become attractive, branch manager of Osool ESB Securities Brokerage Saeed El Feki said.

The benchmark EGX30 is expected to retest 16,000 points, El Feki added, pointing out that the index may test 16,000 if it breaks 16,100 points, which will boost the market and end correction wave.

As for the small- and mid-cap EGX100 index, he highlighted that the index is still extending sideways trend, moving between 830 and 850 points, noting that it may hit resistance at 880 points in case it surpasses 860 points.

Moreover, customer relations manager at Arabeya Online Michael Mamdouh Naguib said that the EGX30 index has support at 15,720, 15,630 points, and 15,071 points, while it has resistance at 16,000, 16,040, and 16,450 points.

The index may target resistance at 16,300 and 16,550 points, he said, pointing out that the index may test support at 15,071 points if it breaks 15,720 points.

Naguib recommended investors to trade cautiously on stocks amid correction movements, in line with considering stop-loss levels, and to avoid buying on margin until the market recovers in the medium-term.


Translated by: Mai Ezz El-Din

MUBASHER Contribution Time: 09-Sep-2018 07:31 (GMT)
MUBASHER Last Update Time: 09-Sep-2018 08:45 (GMT)