Cairo – Mubasher: The Egyptian Exchange is likely to move sideways between the marks of 7,360 and 7,600 in the upcoming period, said analysts.
Yesterday, the benchmark lost 82.4 points, or 1.09%, to settle at 7,485 points as most blue-chip stocks saw a decline on Wednesday.
This reversal trend is ascribed to the sale orientation of Arab and national institutions for having liquidity by the end of the month, said Hanan Ramses, CEO of Cairo Securities. She anticipated national institutions to keep the sale trend on Thursday, but the equity market is likely to recover at close.
Due to profit-taking, Ayman Fouda, head of capital market committee at the African Economic Council, said EGX equities are likely to move downwardly in the last trading session this month, clarifying that EGX stocks, when purchasing powers rebound, will target higher levels, however.
Mona Hassan, Chief technical analyst at Mubasher, anticipated EGX30 to keep moving sideways between 7,370 - 7,570 points during the coming days ahead.
