Capital market experts and technical analysts expected the Egyptian Exchange to continue its positive performance amid anticipation for the anti-regime protests planned for Friday.
The Salafi Front has issued a statement earlier calling for staging massive anti-regime rallies under the slogan ‘uprising of the Muslim youth’ on November 28, saying they want to stress the Islamic identity of the country.
The stock market will likely show strong performance next week if Friday’s rallies do not see clashes, the analysts told Mubasher.
Mona Moustafa, technical analyst, African Economic Group, expected indices to extend their rise on Thursday amid strong buying momentum on select stocks.
According to the analyst, seeing no unrest during the weekend will likely fuel trading next week and will encourage traders to inject more liquidity and take more risk, especially for institutions that began to build long-term positions.
The session may see slight profit taking on stocks that saw price surges, the analyst said, adding that retail traders prefer rapid trading.
The benchmark index EGX30 has resistance at 9270 then 9330 and support at 9158 then 9055 and the EGX70 has resistance at 646 then 651 and support at 633 then 625, the analyst noted.