By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is forecasted to see a new correction phase starting from Monday’s session to Thursday’s session, analysts told Mubasher.
The EGX is likely to face a new correction phase after breaking through 13,672 points, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said.
The benchmark EGX30 index is targeting the level of 13,540 and 13,560 points, pressured by Commercial International Bank – Egypt (CIB), which dropped on Sunday’s session, in addition to the declining stocks the EGX will face during Monday’s session, El-Naggar noted.
The small- and medium-sized enterprises EGX70 index is also seeing a correction phase until it reaches 713 points by the end of September to regain balance and complete its correction phase, he commentated.
Moreover, head of technical analysis at Prime Securities, Mohamed Khedr, said that the EGX30 index is targeting 13,700 points, and is seeking support above 13,300 points, pointing out that high risk buying opportunities for short-term investors occur at these levels.
The EGX30 index is likely to see resistance at 13,700 and 13,400 points, Khedr added, recommending investors to wait for a new sign and trade on each stock separately.
At the weekly level, khedr said that the EGX30 index is seeing a medium-term downturn resistance below 13,700 points.
Translated by: Mai Ezz El-Din
