Cairo – Mubasher: The Egyptian Exchange is likely to hold yesterday’s steady performance on Wednesday, said analysts, expecting stocks to just open the session on a lower note.
Ayman Fouda, head of capital market committee at the African Economic Council, said most stocks will initiate Wednesday’s session weaker due to the lower-than-average decline these stocks saw yesterday. However, they will likely rise again amid a steady performance for the equity market and high trading value, he clarified.
He anticipated EGX30 to target the mark of 7,750 when institutions continue on adding purchasing positions, along with the existence of powerful liquidity, which will both push the main gauge to break the resistance level of 7,600 first.
On the other hand, the small and mid-cap index EGX70 is likely to test the marks of 375 and 380 respectively during the coming two session.
In the mid-week session, Cairo bourse trimmed its early gains after the hijacking of EgyptAir jet as the benchmark closed the session higher 0.98% to 7,567.5 points.
