Cairo – Mubasher: The Egyptian Exchange is forecast to test the mark of 14,400 points on the short term if steadying above 12,950 points, analysts told Mubasher.
The market is still running bullish in spite of the latest corrections that dragged the main index lower to 13091.05 points, said Hesham Hassan, head of technical analysis at Acumen for Securities.
“When the main gauge steadily holds above 12,950 points, the market is likely to target 14,400 points on the short term”, Hassan told Mubasher, clarifying that EGX30 is move above the support area of 12,950 points and facing resistance at 13,525 points.
Likewise, market analyst Saeed Al-Feky said the benchmark index is likely to recover and to test the historic previous mark at 13,500 with anticipation to extend the gaining streak towards the 14,000-15,000 zone on the mid-term run.
Over the last week, the index rose 2.22% or 284.3 points to reach 13,091.05 points, while market capitalisation gained EGP 16 billion to reach EGP 628.6 billion.
Turnover stood EGP 4.08 billion after 1.1 billion shares were traded.
