Cairo – Mubasher: The Egyptian Exchange is likely to perform smoothly Tuesday on a number of public holidays.
Ayman Fouda, head of capital market committee at the African Economic Council, expected EGX to give a trouble-free performance, describing the current time as “a span for restoring powers”.
Following this bunch of public holidays, he continued, Cairo bourse is likely to target higher levels where resistances are ranging from 8,000 to 8,200 points and the support area is between the mark of 7600 points and 7,660 points.
Ahmed Abdel-Hamid, Managing Director of Watheeqa Securities, said the benchmark is likely to make a volatile flat movement between the support mark of 7,600 points and the resistance mark of 7,800. Moreover, profit-taking as well as selective purchases on blue-chip stocks are likely to affect the stock market this week, he added.
On Sunday, the main gauge closed 0.49% lower to 7,743.41 points pressured by the purchases of nationals.
Yesterday, Cairo bourse was closed on the occasion of the Sinai Liberation Day.
