Cairo – Mubasher: The Egyptian Exchange's downturn (EGX) is likely to continue in the mid-week trading session amid negative data regarding the devaluation and the halt of Saudi petroleum aid in October.
The market is forecast to continue trading "within the 7,900-8,500 range on with extremely high volatility to news flow, especially the ones below expectations", said Pharos Research, assuring further delays in securing the US dollar funding will lead to "further pressure on macroeconomic indicators and will definitely disappoint the market".
On theses disappointing pieces of news, MubasherTrade Research expected the market to decline to the 8,300 zone on Tuesday.
In early October, Aramco notified the Egyptian General Petroleum Corporation (EGPC) that the supply of refined oil products to Egypt would be halted without giving a timeline for the suspension or a reason. Yesterday, traders confirmed that October's share has not been received yet.
This move "might trigger delays to the IMF loan approval", Pharos expected.
On Monday, the benchmark index EGX30 went down 0.86% or 72.8 points to close at 8,364 points.
