Capital market experts and technical analysts said the Egyptian Exchange (EGX) is expected to continue the positive performance on Thursday amid active trading activity.
The benchmark index EGX30 will likely test the 9000 level, the analysts said, adding that staying above it will drive the index higher to 9200 points.
Mona Hassan, chief analyst, MubasherTrade, said EGX30 rose yesterday closing above previous top 8835 at 8952 and it’s most likely to target resistance barrier 9000.
“Breaking above it will indicate continuation towards 9200, otherwise it would resume the decline towards next support levels,” the analyst said.
Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage, said the index rose on Wednesday and closed at its intraday high of 8952 points, which was normal as it closed Tuesday’s session near its intraday high also.
Despite the strong traded value, the market performance was mixed as some stocks moved higher while others moved lower, which indicated unhealthy state for the market, as the index neared resistance area of 8980-9000 points, Thabet said.
Indices of the Egyptian Exchange (EGX) ended Wednesday’s session on a positive note, powered by the buying tendency of foreign and Arab institutions.
The benchmark index EGX30 rose 2.37% or 207.66 points to close at 8952.43 points. The small and mid-cap index EGX70 inched higher 1.23% or 7.33 points to 604.13 points and the broader index EGX100 ended 1.49% or 16.11 points at 1094.63 points.
The benchmark index EGX30 will likely test the 9000 level, the analysts said, adding that staying above it will drive the index higher to 9200 points.
Mona Hassan, chief analyst, MubasherTrade, said EGX30 rose yesterday closing above previous top 8835 at 8952 and it’s most likely to target resistance barrier 9000.
“Breaking above it will indicate continuation towards 9200, otherwise it would resume the decline towards next support levels,” the analyst said.
Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage, said the index rose on Wednesday and closed at its intraday high of 8952 points, which was normal as it closed Tuesday’s session near its intraday high also.
Despite the strong traded value, the market performance was mixed as some stocks moved higher while others moved lower, which indicated unhealthy state for the market, as the index neared resistance area of 8980-9000 points, Thabet said.
Indices of the Egyptian Exchange (EGX) ended Wednesday’s session on a positive note, powered by the buying tendency of foreign and Arab institutions.
The benchmark index EGX30 rose 2.37% or 207.66 points to close at 8952.43 points. The small and mid-cap index EGX70 inched higher 1.23% or 7.33 points to 604.13 points and the broader index EGX100 ended 1.49% or 16.11 points at 1094.63 points.
Source:
Mubasher Exclusive
