Cairo – Mubasher: Profit-taking on the Egyptian Exchange is likely to continue over this week, analysts told Mubasher, assuring that the outlook will remain positive as long as the benchmark EGX30 moves above 10,000 points.
MubasherTrade Research said the index declined on Thursday to close at 11,353 points and "it is expected to continue towards 11,300."
Market analyst Hesham Hassan expected the bourse to extend profit-taking this week. The mid-term outlook is still positive as the index is above 10,000 points. But in the short term, risk rate is high.
The EGX30 is moving between the 11,375-100 support area while facing resistance at the 11,700-12,000 zone, the analyst added, pointing out that the mark of 10,000 is a major support area on the mid-term.
On Thursday, EGX indices closed on a mixed note and EGX30 lost 1.7% or 197.2 points to end at 11,353 points.
