Cairo – Mubasher: The Egyptian Exchange's main index (EGX30) is likely to keep targeting the 8,500 area on Tuesday after steading above 8,260 points yesterday.
The EGX30 was supported by "above-average volume" on Monday, ending 0.6% higher to 8,273 points, said Shahd Raafat, market analyst at Mubasher International for Securities.
"The index is moving steadily upwards towards the next key resistance 8,500", Shahd added, advising investor to keep holding on their position.
Market analyst Ahmed Albagory noticed that Cairo bourse saw a positive trading session on Monday with higher-than-average volume.
In case the index successfully holds above 8,260 points, it will likely target the mark of 8,450 points on the short term, Albagory said.
He further noted that the main gauge has a minor support at 8,200 points and key support at 8,000 points, but “the outlook is positive in general, even if profit-takings are occurred on the short term”, the analyst added.
Head of capital market committee at the African Economic Council Ayman Fouda expected the stock market to see slight losses very early at open, but to recover once again on blue-chips and key indices amid higher liquidity ratios.
Yesterday, the Egyptian Exchange's indices finished in the green zone, while its main index registered the highest closing mark since 2 July 2015.
