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EGX to extend positive performance this week – Analysts

EGX to extend positive performance this week – Analysts
Photo Credit: Arabianeye-Reuters

 

Cairo – Mubasher: The Egyptian Stock Exchange (EGX) is expected to continue rising during this week’s trades, technical analysts and stock market experts said, adding that they expect the EGX30 index to test the level of 7,200 points. Passing that level, the EGX30 will target the level of 7,450 points, they noted.

Ehab El-Saeed, head of technical analysis at Osool for Securities, said he expects the EGX30 to trade between the levels of 7,400 and 7,200 points with selling pressures to resume.

As for the small and medium-sized companies’ index, trading will be centred between 400 and 410 points, he noted, adding that selling is also expected to resume in the index.

On the other hand, Ayman Fouda, head of the capital markets committee in the African Economic Council, said he expects positive performance to continue on the EGX for the coming few sessions.

Fouda advised traders and investors to trade in order to benefit from the price-seesaw by selling at the peak and repurchasing once stock prices decline. Investors should stay away from credit and keep their cash in their portfolios in anticipation of any possible sharp decline in prices, he added.