Cairo – Mubasher: Egypt’s stock market is likely to see Tuesday a corrective movement as the benchmark broke the key support level of 7,360 at Monday’s close, said analysts.
Sameh Gharib, head of technical research, Roots Stock Brokerage House, said the main gauge moved below the mark of 7,360 yesterday, over which EGX30 has always hovered through the current correction.
The main index may, if pushed below 7,360 points, get into a deeper correction toward the mark of 7,100 and then to 6,800 on Tuesday, Gharib said, pointing out that EGX30 will not, as per this scenario, bounce back above 7,360 currently.
Ehab Said, managing director-branches at Osool Securities, similarly expected the differences between stocks’ closing quotes and weighted averages to drag EGX30 50 points lower, indicating that EGX30, if slipping below the current key support level, will move down to 7,100 points.
Yesterday, the benchmark shed 0.83%, or 61.3 points, to settle at 7,342.46 points.
