Cairo – Mubasher: The Egyptian Exchange is likely to keep giving a sideways performance on Wednesday, waiting for new positive data regarding the IMF loan and the exchange rate.
The benchmark index (EGX30) is facing resistance at the 7,980-8000 area, while having support at the 7,950-7870 area, said Ayman Fouda, head of capital market committee at the African Economic Council.
Accordingly, the stock market is moving sideways, lying in wait for more incentives such as the IMF loan or the pound's devaluation that will push the bourse to break above the significant resistance level of 8,000 points, said Waleed Helal Deputy Director at Egyptian group for securities.
"Investors await the Central Bank of Egypt's (CBE) decision regarding further devaluation of the Egyptian pound against the US dollar as well as the progress of the government's talks with the IMF in respect to a multibillion bailout,” said Walid Hilal added.
The Egyptian Exchange's (EGX) indices ended on mixed note on Tuesday. The benchmark index EGX30 edged up 0.55% or 43.31 points to close at 7,973.45 points on buying activity by local and foreign investors.
