Research firm NBK Capital said that the performance of Qalaa Holdings stock has not seen any substantial progress since mid-December.

The stock is trading in a tight range above support level of EGP 27.5, said Mohamed Al Aasar, head of technical research, NBK Capital, adding that the stock is heading for resistance level of EGP 3.02.

“A break above resistance at EGP 3.02 will bring the stock higher to continue a medium-term uptrend towards EGP 3.55-EGP3.60 during the first quarter of 2015,” said the analyst.

He added that the stock is estimated to hit EGP 4 level by year-end.

Qalaa stock currently trades at around EGP 2.90, with a market capitalization of more than EGP 1.16 billion.