Cairo – Mubasher: The Egyptian Exchange’s benchmark is likely to move sideways in the coming period, said analysts, pointing out to the possible impact of EgyptAir hijacked plane on the bourse’s performance.
Earlier, Egypt’s Civil Aviation Authority said that EgyptAir plane was hijacked Tuesday with 81 passengers on board.
Adel Abdel Fattah, Chairman of EAC Securities Brokerage (Themar), said the aftermath of the hijacking should not spread panics across the Egyptian Exchange, namely that Egyptian tourism has been negatively affected lately by the Russian plane crash in Sinai.
The benchmark finished Monday’s trading session higher to 0.19% to 7,494.10 points.
Mona Hassan, Chief technical analyst at Mubasher, anticipated EGX30 to keep moving sideways between 7,370 - 7,570 points during the coming days ahead.
Sameh Gharib, head of technical research at Roots Securities said as long as the main gauge is having support at 7,370 points, it will re-bounce to the resistance level of 7,600. He added that EGX30, if pushed below the level of 7,370, will likely see correction and then test the first support mark of 7100.
