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Egypt bourse seen bullish, benchmark to target 9000 mark – analysts

Egypt bourse seen bullish, benchmark to target 9000 mark – analysts
Capital market analysts said the Egyptian Exchange (EGX) will likely continue its positive performance backed by strong buying.
The benchmark index EGX30 is expected to rebound towards 9000-9300 over the coming sessions, the analysts noted.
Capital market experts ruled out any negative impact on the backdrop of rumors about new draft income tax, saying the news is related to funds and not retail traders.
Mohamed Maati, head of technical analysis, EAC Securities Brokerage (Themar), said the index close with a rise by 1.15% and purchase powers continued to steer the index movement.
He expected the index to target 9000-9300 as part of a rebound, advising traders to sell between these two levels and stop loss at 9470 points.
“The index rebounded slightly closing above 8,600 at 8,633, and it’s expected to continue rising towards next resistance level 8,800, said Mona Hassan, chief analyst, MubasherTrade.
Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage, said the index closed Tuesday’s session 98 points higher at 9633 above the 9600 barrier after ending below it for several sessions, which is the first positive signal after steep declines over the last two weeks.