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EGX30 likely to test 15,300 pts this week – Analysts

EGX30 likely to test 15,300 pts this week – Analysts
The EGX30 index may see an upward trend in the short and long terms

By: Heba El-Kordy

Cairo – Mubasher: The benchmark EGX30 index is likely to resume rising on Sunday, the first trading session of the week, and test 15,300 points this week.

By the end of Thursday’s trading session, the EGX30 index has seen a wave of profit-taking to maintain correction in the short term, falling near 15,000 points, capital market expert Michael Mamdouh Naguib told Mubasher.

The EGX30 has support at 14,850 points and 15,000 points, while it has resistance at 15,170 and 15,400 points.

The index may see an upward trend in the short and long terms, despite seeing a short-term correction, he indicated, noting that investors should not be concerned over the Egyptian Exchange’s (EGX) bearish trend.

Saeed El-Feki, CEO of Osool ESB Securities Brokerage, said that the EGX has seen a mixed instable performance last week, closing near main support at 15,050 points.

The EGX30 index tumbled last week, pressured by the Central Bank of Egypt's (CBE) anticipated Monetary Policy Committee (MPC) meeting regarding cutting interest rate, El-Feki mentioned.

The index is seeing a sideways trend between 15,400 and 15,100 points, he added, pointing out that the EGX is expected to witness a positive performance this week.

The EGX70 index has seen a stable performance last week, the analysts noted, adding that the index is projected to continue hitting new levels and target 885 points over the coming period.

 

Translated by: Mai Ezz El-Din