Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the bull run in Wednesday’s trading session, analysts told Mubasher.
Ayman Fouda, head of the capital market committee at the African Economic Council, projected that the EGX would maintain the upward trend in January's last two trading sessions.
Institutional purchasing power on blue-chip stocks may push the benchmark EGX30 index above its previous resistance level, while the small- and mid-cap EGX70 index is likely to remain stable, Fouda said.
The EGX30 index has a short-term resistance at 14,005 points, and has support at 13,930 and 13,800 points, he highlighted, noting that the EGX70 index has a short-term resistance at 688 and 695 points, and support at 680 and 677 points.
For his part, head of technical analysis at Arab Finance Securities Osama Naguib said that the EGX30 was hovering around 14,000 and 14,100 points.
The EGX has seen a bullish trend this week amid high trading volume, which is a positive sign, Naguib indicated.
He expected the EGX30 to continue rising to 14,100 points to target 14,600 and 14,800 points, pointing out that the index has support at 13,600 and 13,450 points.
