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Egypt bourse imbalanced on stamp duty tax – Analysts

Egypt bourse imbalanced on stamp duty tax – Analysts
The Egyptian Exchange (Photo credit: Mubasher)

Cairo – Mubasher: The Egyptian Exchange (EGX) is currently witnessing a volatile performance as investors are awaiting a final decision on the stamp duty tax, market analyst Saied Al Feqy told Mubasher.

Saied expected the EGX30 index to move above the support level of 12,300 points, but to fall to 12,000 points in case the negative performance continues.

Technical analyst Hisham Hassan said that the EGX30 index fell 3.3% last week with the sale to purchase ratio remaining in favour of foreigners, despite recent slight sales.

Hassan added that the index has no clear targets as long as it remains below the mark of 13,525 points, noting that the main gauge is moving above support levels of 11,950 points and 11,650 points, while facing resistances at 12,550 points and 12,850 points.

The EGX30 declined on Thursday by 1.29% or 160.5 points to the level of 12,240.5 points.