Cairo – Mubasher: The Egyptian Exchange is forecast to test a new resistance mark on Wednesday backed by the previous two rises this weeks on devaluation talks, analysts told Mubasher.
The market’s benchmark closed Tuesday at 8,198 points on average volume, said market analyst at Mubasher International for Securities Shahd Raafat, expecting the next resistance level to be at 8,300 points.
“Breaking above this level will lead to a further rise towards 8,500”, Shahd added.
Ayman Fouda, head of capital market committee at the African Economic Council, said the main index is have support at the 8,060-8,000 area, while facing resistance at the 8,260-8,315 zone.
Cairo bourse finished Tuesday in the green zone, registering the highest level since 6 September 2016 on foreign investors’ purchasing appetite as the EGX30 gained 65.4 points, or 0.8%, to the mark of 8,198.5 points.
