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EGX indices likely to show sideways movement - Analyst

EGX indices likely to show sideways movement - Analyst
Photo Credit: Arabianeye-Reuters

Egyptian Stock Exchange (EGX) indices are forecasted to show sideways movement between levels of 9520 and 9300 points ,market analysts and capital market experts told Mubasher.

The sideways movement will come coinciding with both Emaar Real Estate Development and Orascom Construction IPOs on EGX which are expected to enhance the market with more liquidity, added experts.  

"The benchmark mark closed at 9461 points on the previous session and it is seen targeting daily resistance zone of 9465 and 9508 points ," Mona Hassan, chief technical analyst at MubasherTrade, said  

"The benchmark's first resistance zone is seen at level of 9580 followed by 9670 and 9750 points, while its support zones are set at levels of 9260, 9000 and 8800 points," added Hassan.

EGX indices retreated collectively on the previous session, while the market capitalization added EGP 727 million ($95.3 million) amid buy spree by Local institutions and Arab retail investors.   

The benchmark index EGX30 inched down by 0.15% or 14.2 points to end at 9461.06 points.