Cairo – Mubasher: The Egyptian Exchange is likely to rise to 7,700 mark on Wednesday amid optimism about Saudi King Salman’s visit to Egypt, which is scheduled for late this week, said analysts.
The Saudi king will arrive in Egypt tomorrow in a visit that will witness inking a number of agreements and to laying the cornerstone of King Salman University in the south of Sinai.
Yesterday, EGX main gauge gained 80.96 points, or 1.07%, to close at 7,657 points.
Ehab Said, head of technical analysis at Osool Securities, anticipated EGX30 to test 7,700 points, which is currently a mid-term resistance level the index failed to break above due to the lack of new incentives for the stock market and blue-chip stocks.
Likewise, Ayman Fouda, head of capital market committee at the African Economic Council said the main index is likely to test the mark of 7,720 and then 7,800 if blue-chip stocks are pushed higher by institutions’ purchasing momentum.
