Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its bullish performance during the last trading session of the month before the Eid Al Adha holiday, analysts told Mubasher, pointing out that the benchmark EGX30 index is likely to test the level of 13,330 points.
Ahmed Thabet, technical analyst at Jazira Securities Brokerage, said that the EGX30 is expected to continue rising between 13,300 and 13,330 points.
Arab investors are likely to control Wednesday's trading session, in line with some profit-taking operations, which wouldn’t affect the market performance, Thabet added.
The EGX70 index is expected to continue its weak performance, along with transferring liquidity from the EGX70 to the EGX30, he continued, noting that the index is likely to see a maximum of 695 and 697 points and a minimum of 683 points.
Regarding blue chips, he expected the real estate sector in the EGX30, represented in Talaat Moustafa Group and Madinet Nasr Housing, to see rises.
Mohamed Khedr, head of technical analysis at Prime Securities, said that the EGX30’s consecutive bouncing move is forecast to carry on to retest resistance at 13,350 points.
He added that the EGX30 broke over support at 13,250 points, which is the first negative sign to change the medium-term declining move, driving the index to target support at 12,000 points in 50 weeks.
The EGX30 tumbled 193 points to 12,926.40 points on a weekly basis, he highlighted, recommending short-term investors to lower positions and activate the stop-loss levels for each stock.
“The EGX30 is likely to rise towards 13,230 points and may go a little higher to 13,300 points as part of its correction phase. Only breaking above these levels will change our short-term look,” technical analyst at Mubasher International for Securities Shahd Raafat said.
“Meanwhile, we still recommend conservative trading and stop-loss should be restrictedly applied,” she continued.
