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Egypt bourse to see ‘calm’ trading after Eid vacation – experts

Egypt bourse to see ‘calm’ trading after Eid vacation – experts
The Egyptian Exchange (EGX) is expected to continue seeing ‘calm’ trading on Thursday, said Sameh Gharib, head of technical research, Roots Stock Brokerage House.
He added that, as long as the benchmark index is moving above 8470 level, it will likely target next resistance levels as part of the current upward movement.
The current investment plan is to hold equities as long as the index is above the support level of 8470 points, the analyst told Mubasher.
The benchmark will have primary resistance at 8800 points, then 9000 points, Gharib said, adding that primary support level stands at 8470 points, then 8250 points. He indicated that the index is still moving sideways in the short term.
For his part, Ahmed Thabet, head of technical analysis, Mirage Brokerage, said that, although the index closed Sunday’s session in the red territory, it moved sideways due to nearing the resistance levels of 8780-8800 points.
Thabet added that the small and mid-cap index EGX70 continues its positive performance and closed above 620 points; a key level at present as retail and speculative stocks reflect the confidence of small-cap investors in the Egyptian market.
EGX indices had ended Sunday’s session with a varying performance, amid selling pressures from retail traders.
The benchmark index EGX30 offset its early gain to end 0.10% or 9.15 points lower at 8735.24 points. Meanwhile, the small and mid-cap index EGX70 rose 0.46% or 2.86 points to 622.58 points. The broader index EGX100 rose 0.37% or 4.07 points to 1099.64 points.