By: Heba El-Kourdy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see positive moves on Wednesday, analysts told Mubasher.
The benchmark EGX30 index is expected to rise to target the level of 13,650 points by the end of the current week, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said, adding that the index has support at 13,480 and 13,470 points.
The small- and medium-sized enterprises EGX70 index is forecasted to continue its bullish performance to target 750 points on Thursday’s session, El-Naggar said, referring to the possible separation of blue chips and the small- and medium-sized stocks.
Arab buying on Commercial International Bank – Egypt (CIB) is likely to carry on at EGP 82, while small investors may tend to selling at EGP 81, he noted.
The analyst stressed that the speculations would maintain in some stocks such as Egyptian resorts and United Arab Stevedoring until the last session of this week.
The EGX is anticipated to carry on its positive performance on Wednesday, as the EGX30 index may face support at 13,300 points, capital markets expert Toni Kamal.
Kamal added that the EGX30 index has resistance at 13,500 and 13,700 points, expecting the CIB’s stock to rise and bolster the declining stocks.
He anticipated that the petrochemical sector would lead sectors in today’s session, noting that both the tourism and housing sectors are maintaining their upward trend, led by Porto Group Holding and Egyptian resorts, respectively.
Translated by: Mai Ezz El-Din
