Cairo-Mubasher: Capital market experts forecasted the Egyptian bourse to continue its positive performance on Thursday after hitting its highest level since July, 2008.

They said EGX30 may test 9900 pts on Thursday, at which profit-taking would emerge, especially on stocks which witnessed a strong price boom over the last sessions.

Mona Hassan, chief analyst at Mubasher Trade, said EGX30 rose on Wednesday to close above its previous resistance of 9830 pts at 9856  pts. She expected the index to continue rising, targeting the next resistance of 9900 pts.

EGX indices strengthened on Wednesday, while market capitalization gained around EGP 1.05 billion ($143.3 million), backed by local and Arab institutions’ buying.

EGX30 rose 0.53% to close at 9856.3 points; its highest level since July, 2008.

Mona Moustafa, technical analyst at African Economic Group, said the local bourse is likely to maintain its bullish performance on Thursday, expecting cash-ins on the stocks which witnessed a strong price boom.

If EGX30 crosses the resistance level of 9880 pts, it will head towards 10012 , then 10350, Moustafa said, adding that the benchmark has support at 9750 , then 9580  pts.

EGX70 has resistance at573 -580  pts, and support at 568 -566 pts, the analyst said.

Photo Credit: Arabianeye-Reuters