By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to stop seeing the correction movement on Sunday and target 17,500 points, analysts told Mubasher.
The EGX has maintained its correction at the end of last week to break the downward trend, analyst Michael Mamdouh Naguib said.
The Egyptian stock market’s correction is likely to end if the EGX30 breaks above 16,869 points to rebound at 17,650 and 17,825 points, Naguib highlighted.
The EGX30 index may maintain the correction phase and target 16,500 and 16,400 points if it tests 16,869 points, he indicated.
He recommended short-term investors to exit the EGX if it continues seeing the correction.
Meanwhile, the small- and mid-cap EGX70 index is projected to move in a downward direction towards 820 in the medium term, Naguib noted.
Translated by: Mai Ezz El-Din
