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EGX to test 9500 mark then resume rally, say analysts

EGX to test 9500 mark then resume rally, say analysts
Mona Hassan, chief analyst, MubasherTrade, said the benchmark index EGX30 rose on Tuesday breaking above resistance level 9500 to close at 9534. The analyst added that the index might retreat during Wednesday’s session to test for support at the broken level 9500.
Ahmed Abdel Hamid, managing director, Watheeqa Securities Brokerage, said the stock market braces for a strong upward wave over the coming period during which the benchmark index would test the 10000 level.
EGX30 is likely to re-test support level of 9500 points that it shot above on Tuesday in preparation for rallying over the coming sessions, according to the analyst.
Indices of the Egyptian Exchange (EGX) ended Tuesday’s session on an up note, powered by buying activities by local and Arab traders.
The benchmark index EGX30 ended 0.93% or 87.86 points higher at 9534.08 points, as the Central Bank of Egypt(CBE) announced closing subscription to Suez Canal certificates after collecting EGP 61 billion.
The small and mid-cap index EGX70 rose 0.77% to 628.69 points. The broader index EGX100 ended 0.95% higher at 1138.31 points.