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EGX to maintain bullish performance, break above 13,700 pts – Analysts

EGX to maintain bullish performance, break above 13,700 pts – Analysts
EGX likely to carry on bullish performance in an attempt to settle at 13,700 pts

By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on its bullish performance in an attempt to settle at the level of 13,700 points on the back of the banking and financial services sectors, analysts told Mubasher.

The EGX is likely to see a positive performance in Wednesday’s session, and the benchmark EGX30 may see 13,700 points, capital markets expert Toni Kamal.

The EGX30 index is targeting the level of 14,000 and 14,200 points by the end of September, Kamal added.

The banking sector’s stocks, led by Commercial International Bank – Egypt (CIB), and the financial sectors, represented in EFG Hermes, Pioneers Holding, and Prime holding, will help to bolster the market to reach the targeted levels over the coming period, he noted.

The small- and medium-sized enterprises EGX70 index is anticipated to continue its upward trend, despite the correction phase it sees, he said, pointing out that the index aims 790 points.

The heavy-Wight CIB is forecasted to maintain rising to EGP 86, the expert highlighted.

Likewise, Saeed Al-Feki, branch manager at Osool ESB Securities Brokerage expected the EGX to continue its positive performance, bolstered by blue chips, including CIB, EFG Hermes, and Global Telecom, after profit-taking.

The EGX30 index may reach 14,000 points if it exceeded 13,700 points, El-Feki added, recommending investors to pump more liquidity.

Translated by: Mai Ezz El-Din