Mubasher TV
Contact Us Advertising   العربية

EGX likely to test level of 6,300 pts – Analysts

EGX likely to test level of 6,300 pts – Analysts
Photo Credit: Arabianeye-Reuters

Cairo – Mubasher: The Egyptian Exchange (EGX) benchmark index EGX30 is expected to test the level of 6,300 on Sunday, after it succeeded in keeping its movement above the level of 5,900 through the previous sessions, said Sameh Gharib, head of technical research, Roots Securities.

The level of 5,526 points became the benchmark’s new support level, added Gharib noting that if the main index moved below this level then it may adopt downsides trend where it targets the level of 5,150 points.

“The main gauge is forecasted to retest the level of 6,320 points”, said Mona Hassan Chief technical analyst at MubasherTrade.

The benchmark may witness profit taking activities through this week’s trade, after the its remarkable gains in the preceding week, said Ayman Fouda, head of capital market committee at the African Economic Council.

The main index is expected to see resistance at the levels of 6,280 and 6,320 points, while it will gain support at the levels of 6,080 and 6,130 points.