Cairo – Mubasher: The Egyptian Exchange is likely to see a wave of profit-taking during the first half of Monday’s trading session, analysts said, pointing out to a possible upturn in the second half of the session on momentum created by $25 billion agreements between Egypt and Saudi Arabia.
Hanan Ramses, CEO of Cairo Securities, said the benchmark had ended Sunday’s session lower against all high expectations as Institutions, the national ones in particular, tended to sell their stocks. She anticipated the process of sale to impose pressure on Cairo bourse in early trade, but the indices are likely to give a steady performance and rise in the second half of the session.
Mona Hassan, Chief technical analyst at Mubasher, said the main gauge is currently experiencing a vertical correction with a declining trend, which evidently reflects on EGX trading volume.
In case EGX30, if moved below the mark of 7,360, is likely to stand at the main support level ranging from 7,000-7,100 points, Mona added. She recommends taking advantage of the uptrend for profit-taking and waiting for new purchasing opportunities.
