Cairo – Mubasher: The Egyptian Exchange is forecasted to target the mark of 8,100 points as profit-taking will likely continue on Wednesday, analysts told Mubasher.
The benchmark index ended the mid-week trading session in the red zone at 8,347 points amid average trading volume, said market analyst at Mubasher International for Securities Shahd Raafat, noting that the index is " in fluctuation between bullish and bearish" run.
Moreover, the analyst observed a remarkable rebound of the housing sector, expecting this upturn to continue unlike the financial sector.
Regarding the index movement today, she sees EGX30 witnessing a correction phase which may lead its mark to 8,100 points by the end of the session.
However, she kept advising investors to use the current phase in accumulating and buying dips.
Market analyst Ahmed Albagory also anticipated profit-taking to keep dragging Cairo bourse lower today.
In spite of the expected further declines to 8,100 points, theses corrections do not change the positive outlook as long as the main index holds above 8,000 points, he added.
