Mubasher TV
Contact Us Advertising   العربية

Foreign buying to boost EGX on Tuesday - Analysts

Foreign buying to boost EGX on Tuesday - Analysts
EGX is likely to retest significant levels on the back of foreign purchasing power

By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to retest significant levels on the back of foreign purchasing power.

The EGX saw a downward trend in Monday’s trading session due to facing a wave of profit-taking after hitting record highs over the past period, market analyst Toni Kamal told Mubasher.

The Egyptian stock market may see a positive trend if foreign investors are mostly buyers, Kamal stressed.

The benchmark EGX30 index has support at 15,000 points, he added, pointing out that it would not be worrying if the index settled above 14,750 points.

The heavyweight Commercial International Bank (CIB) has resistance at EGP 81, he noted, adding that the stock should break above this level to carry on rising.

Moreover, market analyst Safaa Fares said that Egyptian and foreign institutional buying may push the EGX30 index to 15,300 points again.

The main index has support at 15,080 points and has a downside potential at 14,880 points, Fares highlighted.

The EGX70 index has resistance at 850 points and has an upside potential at 870 points, while it has support at 832 points and a downside potential at 821 points, she indicated.

 

Translated by: Mai Ezz El-Din