Cairo – Mubasher: The Egyptian Exchange is forecast to target the 11,000 zone and then 12,000 on the mid-term after the International Monetary Fund (IMF) approved the $12 billion loan, analysts told Mubasher.
The benchmark index EGX30 will likely test the 11,000 area on Sunday while having support at 10,200 points, said market analyst Sameh Ghareeb.
The trading atmosphere is likely to be encouraging as investors' sentiments are bolstered by a number of positive data, including the approval of IMF $12 billion loan and S&P outlook that is changed from negative to stable, Ghareeb highlighted, expecting a wave of corrective profit-taking to occur.
MubasherTrade Research said EGX30 closed higher 4.52% or 462.66 points on a heavy volume, reaching 10,688.16 points, which is the highest level since 12 July 2008.
The research firm expected EGX30 "to continue towards 11,000."
