EGX likely to trim loss Wednesday - Analysis

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to trim losses and rebound temporarily during Wednesday’s trading session amid traders’ anticipation for the fair value of Qalaa Holdings following the notices of the Financial Regulatory Authority (FRA).

The benchmark EGX30 index closed Tuesday’s trading session down 1.18%, slightly below main support levels of 15,425 and 15,500 points, head of technical analysis at Naeem Brokerage Ibrahim El Nemr said.

The EGX30 index may widen losses and move downwardly towards 14,800 and 14,900 points if it falls below 15,425 points, El Nemr pointed out.

He recommended investors to incline to selective buying while trading on stocks.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX30 has a short-term resistance at 15,450 and 15,781 points and has support at 15,350 and 15,019 points.

Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 765 and 775 points and has support at 749 and 744 points, Fouda added.

Quick traders should be patient while trading between support and resistance points and avoid buying completely on margins, he indicated, advising investors not to open new credit positions until the market settles.

MUBASHER Contribution Time: 18-Jul-2018 07:37 (GMT)
MUBASHER Last Update Time: 18-Jul-2018 07:41 (GMT)