Cairo – Mubasher: The Egyptian Exchange (EGX) is forecasted to test the area of 7,603 - 7,645 points on Sunday and shrug off Turkey's failed coup attempt, analysts said.
Hanan Ramses, CEO of Cairo Securities, said Cairo bourse will not be battered by the Turkish military attempt to seize power and likely to end in the green zone.
By crossing the 7,603 – 7,645 area, the benchmark index EGX30 is expected to target higher resistance levels on the short-term; otherwise it is to target all previous marks until reaching the bottom of the channel at 6,830 points, Hanan added ruling out any possible impact of the coup on EGX.
On Thursday, the Egyptian Exchange concluding the trading activity on a mixed note, powered by Arab investor’s buying appetite.The main index EGX30 gained 23.19 points, 0.31%, to close at the mark of 7583.06 points.
The benchmark erased some early losses, said Sameh Gharib, head of technical research, Roots Stock Brokerage House.
He expected EGX30 to test the resistance area of 7,650 points which is seen as a no-advance mark, Gharib added, indicating that this outlook is likely to be maintained as long as the support remains at 7,370 points.
