By: Heba El- Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to rebound above 15,000 points if the global stock markets stabilise, analysts told Mubasher.

The first trading session of February’s second week is likely to see an upward trend on the back of anticipated positive performance of the global stock markets as Dow Jones is projected to recover, branch manager at Mubasher Financial Services Safwat Abdel Naeem said.

The EGX30 index is likely to surpass 15,000 points on Sunday, hence, may rebound to 15,150 points, Abdel Naeem pointed out.

For his part, capital market expert Michael Mamdouh Naguib said that last week’s trading sessions had seen a volatile trend amid investors’ concern and selling pressures due to the global markets plunge.

The EGX30 has seen a fluctuated performance over the last sessions, Naguib noted, adding that the index has support at 14,870 and 14,468 points.

The index has resistance between 15,000 and 15,070 points, followed by 15,150 points, he highlighted, mentioning that settling above these levels will pave the way for the index to retest 15,400 points.

Translated by: Mai Ezz El-Din