Cairo – Mubasher: The Egyptian Exchange is forecast to witness some profit-taking actions, targeting the 12,000 zone on the short term, analysts Mubasher.
The benchmark index EGX30 is likely to face resistance at 12,000 points, while having support at 10,688 points and then 10,000 points, said market analyst Ayman Fouda, expecting a corrective profit-taking wave to occur on Monday.
This profit-taking wave is likely to be initiated by institutions due to the existence of alternative risk-free investments that backed by higher interest rates, said Mohamed Abd Alhakem, assuring that the main index is to target 12,000 points on the short run.
MubasherTrade Research said, "the index rose sharply, reaching the strong resistance level 11,000; profit taking may take place during the coming few sessions".
On Sunday, EGX30 gained 2.14% or 228.81 points to close at 10,916 points, reaching the highest level since 5 June 2008.
