EGX to maintain bull-run Thursday; retest 16,000 pts - Analysts

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the bullish trend on Thursday, the last trading session in August, and test 16,000 points, analysts told Mubasher.

The EGX is expected to perform positively on today’s trading session, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.

The benchmark EGX30 has resistance at 15,983 points, 16,000, and 16,040 points, while it has main resistance at 15,630 and 15,640 points, Naguib indicated.

The EGX30 index may break 16,000 points on the back of high trading volume exchanged at a turnover exceeding EGP 1 billion, as well as when the Commercial International Bank (CIB) surpassing EGP 86.5, he highlighted.

The index is projected to hover around 16,500 points amid heavy liquidity, backed by robust financial results, he indicated.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the Egyptian stock market will carry on the upward trend, in line with the continuous pumping of liquidity into the market by investment funds.

The EGX30 index is likely to retest 16,000 and 16,100, Fouda indicated, adding that the index has support at 15,812 and 15,555 points.

As for the small- and mid-cap EGX70 index, he noted it has a short-term resistance at 752 and 760 points, while it has support at 740 and 736 points.

MUBASHER Contribution Time: 30-Aug-2018 07:41 (GMT)
MUBASHER Last Update Time: 30-Aug-2018 07:41 (GMT)