By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a positive performance in Tuesday’s session, and the benchmark EGX30 index to break above the level of 13,700 points, analysts told Mubasher.
On the other hand, some analysts forecasted the EGX to see a negative sideways performance amid profit-taking.
The EGX will be able to overcome the sideways move during Tuesday’s session, capital markets expert Toni Kamal, pointing out that the EGX30 index will break above 13,700 points.
The EGX30 index is targeting 14,000 and 14,200 points by the end of September, Kamal added.
He forecasted that Commercial International Bank – Egypt (CIB) may reach EGP 82 to reach EGP 86 by the end of the current month.
The small- and medium-sized stocks EGX70 index will try to recover from profit-taking on Tuesday’s session, and it has support at 725 and 730 points, the analyst said.
Ehab El-Said, head of technical analysis at Osoul for Securities Brokerage, said that the EGX is likely to see a sideways performance after blue chips became close to resistance levels.
The EGX30 index has support at 13,500 and 13,650 points, El-Said added.
The EGX70 index is anticipated to see 755 points in today’s session amid some sideways moves and profit-taking operation, he noted.
Translated by: Mai Ezz El-Din
