EGX to rise Wednesday on Moody’s positive outlook - Analysts

By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a bullish trend on Wednesday as Moody’s Investors Services changed Egypt’s outlook to positive, affirming credit rating at B3, analysts told Mubasher.

The benchmark EGX30 index is expected to retest 15,500 and 15,400 points on today’s trading session, chairman of the business development and strategy department at Pioneers Securities Mohamed Gab Allah said.

By breaking the aforementioned levels, the index may rebound to touch 16,000 points, Gab Allah added.

As for the heavyweight Commercial International Bank (CIB), the stock has main support at EGP 84.78 and has resistance at EGP 86.5, he indicated, pointing out that it may test EGP 90.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX is still recovering.

The EGX30 index may retest 16,000 points if it breaks 15,812 points, Fouda highlighted, adding that the index has support at 15,510 and 15,340 points.

He emphasised that the global credit rating reports, such as Moody’s recent report, will boost liquidity in active stocks with robust financial results.

Moreover, the small- and mid-cap EGX100 index has a short-term resistance at 749 and 752 points, while it has support at 736 and 728 points, Fouda added.


Translated by: Mai Ezz El-Din

MUBASHER Contribution Time: 29-Aug-2018 07:55 (GMT)
MUBASHER Last Update Time: 29-Aug-2018 08:02 (GMT)