By: Heba El-Kordy
Cairo – Mubasher: The benchmark EGX30 index has maintained the bullish trend, hitting record high mid-Sunday.
By 11:49 am Cairo time, Abu Dhabi Islamic Bank – Egypt (ADIB), Heliopolis Company for Housing and Development, and Sidi Kerir Petrochemical (Sidpec) were able to touch new significant levels.
Meanwhile, the EGX30 index edged up 0.3% to 15,284.92 points, with a turnover of EGP 424.5 million exchanged through 118.22 million shares.
The EGX30 index has been able to break above 15,800 points on the back of the housing sector’s stocks and blue chips, market analyst Toni Kamal told Mubasher.
Heliopolis Housing and Madinet Nasr Housing and Development have bolstered the EGX30 index to continue rising, Kamal added, pointing out that Madinet Nasr Housing’s stock reached significant levels between EGP 11 and EGP 11.2 and may target EGP 12.15.
Madinet Nasr Housing gained 3.55% to EGP 11.07 at a turnover of EGP 52.5 million.
Furthermore, Heliopolis Housing’s stock is targeting EGP 40 and EGP 42 in the short term, he indicated.
Heliopolis Housing, up 1.5%, reached all-time high level at EGP 36.53, with a turnover of EGP 16.2 million.
Sidi Kerir Petrochemical
Sidpec jumped to the highest level since February 2006 to EGP 26.06 at a turnover of EGP 5.6 million.
The stock has an upside potential at EGP 26.5 as the highest monthly close, Kamal noted, adding that Sidpec has resistance at EGP 28.
The analyst forecast Sidpec to see a downward trend.
Abu Dhabi Islamic Bank
ADIB, up 2.05%, was also able to hit record highs to the highest level since June 2008 at EGP 16.9, with a turnover of EGP 4.7 million traded through 278,000 shares.
The Egyptian Exchange (EGX) is likely to maintain the upward trend by luring more investors, Kamal projected, noting that the EGX awaits firms’ 2017 financial statements which will bolster it over the coming period, in addition to the Central Bank of Egypt’s (CBE) anticipated interest rate cut.
Moreover, the heavyweight Commercial International Bank (CIB) shed 1.43% to EGP 78.8.
The CIB’s stock may test resistance at EGP 85 and EGP 90 if it breaks above EGP 81, while it has support at EGP 77.5, the analysts mentioned
Translated by: Mai Ezz El-Din