Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to run bullish during the first trading session this week with expectations that its benchmark (EGX30) may hit the mark of 7,820 points and stand at 8,000 points by the end of the week.
On Thursday, the benchmark closed 0.31% lower to the mark of 7, 756.3 points.
In spite of that slight decline, the main index is still hovering at the area of 7,700 points, Gharib continued, expecting EGX30 to shoot above the former mark next week as well as the level of 7,815 points shortly afterwards, which will pave the way to targeting the resistance mark of 8,000 with support at 7,700 points.
As for the small and mid-cap index, "EGX70 is still endeavoring to break the area of 376 points, but selling pressures abort all attempts", which are expected to continue till the beginning of the coming week, Gharib said.
Market analyst at EGS Brokers Hoda El Menshawy pointed out that the main gauge is still moving sideways-to-slightly-upwardly on the short term, while indicators show an upward trend on the mid-term.
El Menshawy anticipated the main index to focus on hitting the mark of 7,820 points that will pave the way to the area of 8,000. In case of failure, the flat movement is likely to continue with support at the 7,705-7,423 area,she concluded.
