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EGX indices seen mixed amid slight profit taking – Analysts

EGX indices seen mixed amid slight profit taking – Analysts
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: Egypt’s stock market is expected to continue with its bullish trend, yet indices may show mixed performance amid slight profit taking, said market analyst Mona Mostafa.

The benchmark index EGX30 will likely target the next resistance levels in coming sessions, at 9,000 and then 9,150 points. Meanwhile, support levels stand at 8,677 and then 8,560 points, she added.

The analyst advised short-term traders to partially take profit at resistance levels and buy again in dips. However, she advised medium- and long-term traders to maintain their equities or utilise the sharp fluctuations in trading with half of their positions.

Mona Hassan, chief analyst at MubasherTrade, said the benchmark EGX30 closed Tuesday at 8,877 after reaching 9,039 points.

“A profit-taking move occurred in the second half of Tuesday’s session after the previously strong bullish session; it is recommended to start accumulating and buying dips,” the analyst said.