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Cairo bourse likely to test 8,350 points - Analysts

Cairo bourse likely to test 8,350 points - Analysts
EGX30 to continue rising towards 8,315 points on Sunday - Photo Credit: Mubasher

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to test the 8,350 – 8,500 zone during this week, analysts told Mubasher.

The market's upturn in the third quarter is weaker than the first quarter's, said market analyst Mohamed Abd Al-Hakeem, assuring that this less powerful rise makes the outlook for Cairo bourse on the mid-term unclear until new data stimulate investors' sentiments.

The benchmark index is facing resistance at the 8,500 – 8,800 zone on the short and mid-term, while having support at the 7,800 – 7,700 on the short term and at the 6,800 area on the mid-term, Abd Al-Hakeem expected.

MubasherTrade Research expected the EGX30 to continue rising towards 8,315 points on Sunday.  

The Egyptian Exchange ended Thursday’s trading on a positive note, snapping a four-day losing streak and its main index leapt 1.4% or 116.8 points to the level of 8,277.2 points.