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EGX to maintain bull run this week amid new catalysts – Analysts

EGX to maintain bull run this week amid new catalysts – Analysts
EGX likely to carry on upward trend this week amid new market-boosting catalysts

By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the upward trend this week amid new market-boosting catalysts, analysts told Mubasher.

The benchmark EGX30 index has changed its direction to move upwardly in the short-term as it broke resistance at 16,335 points last week, ending correction movement temporarily, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.

The EGX30 has main support at 15,781 points, while it has sub-support between 16,100, 16,021, and 16,000 points, Naguib indicated, adding that it has main resistance at 16,400, 16,400, and 16,700 points.

For his part, branch manager at Mubasher Financial Services (MFS) Safwat Abdel Naeem said that the EGX30 has seen a positive rebound last Thursday by breaking 16,100 points.

The index is likely to end the correction wave by breaking the level of 17,500 points this week, Abdel Naeem stressed.

The EGX30 may see a sideways trend between 16,500 and 16,000 points during the second half of this year if it failed to close the week in green territory, he noted.

On the other hand, the small- and mid-cap index EGX70, the most affected index by the correction phase, rebounded to 811 points at last week’s close after hitting 792 points for the first time since November 2017, he highlighted.

Moreover, Saeed El-Feki, CEO of Osool ESB Securities Brokerage, expected the EGX to continue its positive performance this week on the back of purchasing powers.

El-Feki said that the EGX30 is targeting 16,500 and 16,800 points amid new catalysts.

 

Translated by: Mai Ezz El-Din