Cairo – Mubasher: The Egyptian Exchange is expected to kick off the week on a positive note, maintaining last week’s bull-run, analysts said.
The main gauge EGX30 is likely to near the resistance levels of 6,650 and 6,750 points, which may temporarily hinder its upward movement, said Ehab Said, head of technical research at Osool Securities Brokerage.
Likewise, EGX70 will probably test the resistance level of 360 points, Said added, clarifying that the small and mid-cap index would keep moving flat below the previous week’s levels if it fails to shoot above 360 points.
Sameh Gharib, head of technical research at Roots Brokerage, anticipated the benchmark to target 6,700 and 6,800 points amid strong purchase powers.
These target levels may hamper the uptrend upon the emergence of selling powers Gharib noted.
In spite of the expected temporary pullback, EGX30 will, however, perform positively by all means as long as it runs above 6,000 points, Gharib concluded.
Last week, the benchmark gained 191 points or 3% to 6,563.65 points backed by the purchases of national and foreign investors.
