Mona Moustafa, technical analyst at the African Economic Group, expected EGX indices to start today’s trading on a negative note, testing the nearby support levels.
She added that the market is likely to see slight cash-ins, which will have no significant impact on the stocks.
EGX30 is still testing resistance at 9540 , then 9720 pts, and facing support at 9310 , then 9260 pts, Moustafa said. She added that EGX70 is testing resistance at 677, then 662, and support at 656, then 648.
The analyst advised investors to monitor the stock performance carefully in the next day. The Egyptian Exchange (EGX) continued its uptrend on Wednesday, as benchmark index EGX30 rose 0.45% or 41.91 points to reach 9437.49 points; near the 9500 barrier.
The small and mid-cap index EGX70 also added 0.15% or 1.01 points to 659.11 points.
The broader index EGX100 ended 0.41% or 4.78 points higher at 1177.35 points. Market capitalization increased EGP 1.8 billion to reach EGP 521.713 billion.
She added that the market is likely to see slight cash-ins, which will have no significant impact on the stocks.
EGX30 is still testing resistance at 9540 , then 9720 pts, and facing support at 9310 , then 9260 pts, Moustafa said. She added that EGX70 is testing resistance at 677, then 662, and support at 656, then 648.
The analyst advised investors to monitor the stock performance carefully in the next day. The Egyptian Exchange (EGX) continued its uptrend on Wednesday, as benchmark index EGX30 rose 0.45% or 41.91 points to reach 9437.49 points; near the 9500 barrier.
The small and mid-cap index EGX70 also added 0.15% or 1.01 points to 659.11 points.
The broader index EGX100 ended 0.41% or 4.78 points higher at 1177.35 points. Market capitalization increased EGP 1.8 billion to reach EGP 521.713 billion.
Source:
Mubasher Exclusive
