Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain positive performance on the back of the heavyweight Commercial International Bank (CIB).
Investors are expected to boost their purchasing in most of the blue-chip stocks, mainly the CIB, as well as the telecommunication stocks this week, branch manager at Mubasher Financial Services (MFS) told Mubasher.
The projected increase in the local bourse may push the benchmark EGX30 index up to break 15,320 points, Safwat Abdel Naeem said.
The benchmark is expected to target resistance levels that range from 5% to 7%, Abdel Naeem highlighted.
Intensive foreign purchases on the CIB have boosted the EGX30 index last week, he pointed out.
For his part, head of the capital market committee at the African Economic Council Ayman Fouda said that the EGX30 index may retest 15,425 points as it has resistance at 15,320 points.
Fouda also noted that the benchmark has support at 15,100 and 14,930 points.
Moreover, the small- and mid-cap EGX70 index has resistance at 688 and 695 points, while it has support at 674 and 669 points.
