Cairo – Mubasher: The Egyptian Exchange is expected to see sideways movement through this week, amid investors’ concerns over the recent developments at both the political and economic levels, technical analysts told Masher.
The benchmark is forecast to move between the levels of 6,800 and 7,200 points, said Ahmed Abdel Hamid, managing director of Watheeqa Securities.
Egypt's new parliament will convene its opening session today, 10 January 2016.
The new parliament has 568 elected members plus another 28 appointed by the president himself.
“Egypt’s bourse is expected to see sideways trend this week, as it tests the impact of the recent developments on the money market,” added Hamid.
Meanwhile, Ehab Saeed, head of technical analysis at Osool Securities said that the benchmark will retest the levels of 7,250 and 7,200 points as long as it keeps its position above the levels of 6,800 and 6,850 points”.
The main gauge may also see correction movement on the medium run near the levels of 7,250 and 7,500 points, noted the analyst.
