By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to perform positively on Wednesday on the back of the heavyweight Commercial International Bank (CIB).
The EGX’s performance will beat expectations today as the CIB’s stock is expected to target EGP 78 and EGP 80, customer relations manager at Arabeya Online Michael Mamdouh Naguib told Mubasher.
The performance of the CIB’s stock will determine the trend of the benchmark EGX30 index today, Naguib said.
The EGX30 index has support at 13,000 and 12,900 points, while it has resistance at 13,400, 13,800, and 14,050 points, he indicated.
For his part, Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX is expected to maintain the bullish trend and resume trading in the green territory.
The EGX30 index has a short-term resistance at 13,215 and 13,350 points, and has support at 13,047 and 12,950 points, he indicated.
The small- and mid-cap EGX70 index a short-term resistance at 682 and 688 points, and has support at 669 and 664 points
Translated by: Mai Ezz El-Din
