By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue hitting record highs above 15,300 points on Monday.

The benchmark EGX30 is hovering around 15,300 points and it is likely to see a wave of profit-taking after testing 15,350 points, market expert Toni Kamal told Mubasher.

The EGX is likely to maintain the upward trend by luring more investors, Kamal projected, noting that the EGX awaits firms’ 2017 financial statements which will bolster it over the coming period, in addition to the Central Bank of Egypt’s (CBE) anticipated interest rate cut.

The heavyweight Commercial International Bank (CIB) may test resistance at EGP 85 and EGP 90 if it breaks above EGP 81, while it has support at EGP 77.5, the analyst mentioned.

Moreover, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index would maintain the bullish trend to hit new records.

The index has resistance at 15,260, 15,330, and 15,560 points, while it has support at 15,170, 15,100, and 15,000 points, Armia highlighted.

The EGX70 index is taking a pause from rising, which is not a signal for selling, he indicated, adding that the index has an upside potential at 885 points.

Profit-taking would maintain pressure on trades until purchasing powers limit the declining trend and push stocks to resistance levels, head of capital market committee at the African Economic Council Ayman Fouda said.

The EGX30 index has a short-term resistance at 15,500 and 15,600 points if it breaks above 15,313 points, while it has support at 15,150 and 15,050 points, Fouda added.

The EGX70 index may test resistance at 885 points if it settles above 848 and 855 points, while it has support at 836 and 825 points, he forecast.

Translated by: Mai Ezz El-Din