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EGX indices to see positive movements this week – Analysts

EGX indices to see positive movements this week – Analysts
Photo Credit: Arabianeye-Reuters

 

Cairo – Mubasher: Egyptian Stock Exchange (EGX) indices are expected to see upward-sideways movements during the week, with the EGX30 index poised to target the levels of 7,950 points and 8,125 points, respectively, analysts told Mubasher.

Last week, the EGX30 index rose 0.8% or 64.33 points and closed at 8,087.24 points, compared to the previous week’s closing of 8,022.91 points.

The EGX is expected to see some positive movement this week, backed by the success of the first trials for the New Suez Canal and the approach of its inauguration at the end of next week, said Ahmed Abdel Hamid, branch manager at Watheeqa Securities Brokerage Co.

The market requires addition strong and positive catalysts to support the market’s rise in the coming period, the analyst told Mubasher, indicating that the EGX30 index is moving between the levels of 8,050 points and 8,380 points.

Three cargo ships have passed through Egypt's new Suez Canal, ahead of the new waterway's official opening on 6 August, said head of the traffic department at the Suez Canal Authority Mohamed Saqr, adding that the trial run aims to demonstrate the new channel's potential capacity.