Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to keep delivering a positive performance on Monday thanks to a strong buying appetite by institutions and investment funds, analysts told Mubasher.
The benchmark index is expected to re-test the 11,333-500 zone, while having support at the 11,200 – 062 area, said Ayman Fouda, head of capital market committee at the African Economic Council, advising traders to maintain their positions, adopting at the same time a partial profit-taking attitude.
MubasherTrade Research anticipated the main index to “continue rising towards 11,500”.
Market analyst Mohamed Mamdouh advised traders to buy the dips and to pay attentions to the stop-loss mark of each stock, clarifying that EGX30 stop-loss level is at 10,600.
The bourse finished Sunday on a mixed note and market capitalization gained EGP 137 million amid foreign buying appetite for blue-chip stocks.
EGX30 added 56 points or 0.50% to close at 11,277.47 points, thus registering the highest performance since 8 May 2008.
