Cairo – Mubasher: EGX indices are likely to initiate the trading week on a positive note, snapping Thursday’s losses after the crash of EgyptAir flight MS804, said analysts.
EGX indices and blue-chip stocks are expected to start in the green zone, sweeping over the wreckage of flight MS804, said Ayman Fouda, head of capital market committee at the African Economic Council.
Fouda clarified that the benchmark is having resistance at the 7,580-7,660 area, while having support at the 7,409-7,326 area. On the other hand, the small and mid-cap index is having resistance at the mark of 369 and 372 points, while support is at the 363-359 area, Fouda added.
Ehab Said, a stock market analyst, said the benchmark is forecast to focus on the support marks of 7330 points and then 7270 points, while the small and mid-cap index is to test the support mark of 363 points.
Earlier, an EgyptAir plane en route from Paris to Cairo with 66 people on board disappeared from radar after entering the Egyptian airspace early Thursday, the carrier said in a statement.
On last Thursday, the benchmark EGX30 declined 1.8% session-over-session to 7,499.49 points from 7,637.04 points.
