Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the positive performance this week, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, forecast the main indices of the EGX to open Sunday’s trading session in green territory on the back of blue chips.
The benchmark EGX30 index may test 15,500 and 15,650 points if it settles above 15,414 points and may test support at 15,330 and 15,260 points, Fouda highlighted, adding that the EGX70 index has resistance at 860 and 885 points and support at 850 and 838 points.
He recommended medium- and short-term investors to hold onto their stocks and get ready for a wave of partial profit-taking on stocks near significant resistance levels and prepare for creating new purchasing powers near support levels.
The EGX30 index is moving towards 15,500 points, CEO of Osool ESB Securities Brokerage Saeed El-Feki said, projecting the index to settle temporally at that point to retest 15,800 points.
The EGX30 index is expected to maintain rising during this week to 865 and 885 points, El-Feki noted.
The EGX30 index has been able to break above 15,300 points on the back of positive news such as Fitch Ratings Inc’s report, on which Egypt’s outlook has been revised to positive, commented analyst Michael Mamdouh Naguib.
The financial services and the petrochemical sectors have seen a remarkable revive over the past trading sessions, in addition to some of the housing and the tourism sectors' stocks, he indicated.
Translated by: Mai Ezz El-Din
